LLP? LLC? Help
I'm so confused about these business terms; I've looked them up in Wiktionary and Wikipedia but all I get is a mild headache from going cross-eyed and bug-eyed. Does anyone know how to explain any of this stuff in layman's (read: dummies like me) terms? What's the difference between an LLC and an LLP, anyway? Pros and cons?
A bit more explanation, so that I won't be misunderstood: The acronyms stand for Limited Liability Company and Limited Liability Partnership, and they are legal entities that, from what I've read, are sometimes created by poly families to serve as substitutes for the contract and protections of marriage.
I've often heard them talked about (and recommended), but I don't grasp them beyond what I've described in this post. So this thread is for my information/education (and may help others as well).
Love means never having to say, "Put down that meat cleaver!"
Last edited by kdt26417; 04-22-2012 at 08:19 AM.
Reason: I added some explanation to distinguish this post from a spam message.