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Old 04-21-2012, 10:08 PM
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kdt26417 kdt26417 is offline
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Default 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).
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Last edited by kdt26417; 04-22-2012 at 08:19 AM. Reason: I added some explanation to distinguish this post from a spam message.
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Old 04-22-2012, 02:49 AM
km34 km34 is offline
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Here is a handy chart. That's the best I could find with a quick google search!
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Old 04-22-2012, 08:24 AM
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Thanks km34; any information is of help, as I'm a little dense on this subject.
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Old 04-22-2012, 11:40 PM
km34 km34 is offline
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Yeah, I tried reading a bit of it, and it went right over my head! Good luck!
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Old 04-22-2012, 11:53 PM
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I have an LLC for my business but I am unclear as to how people would form one for relationships. I remember coming across a website about this last year, written by some poly peeps who advocate for doing so. I tried to find it again but no luck. If I do find it, I will add it here. I would think some form of corporation might work better than an LLC but, I also don't know much about LLPs.
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An excellent blog post on hierarchy in polyamory:
solopoly.net/2014/10/31/why-im-not-a-secondary-partner-the-short-version/
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Old 04-23-2012, 03:08 AM
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IANAL. The lawyers I heard presenting at Atlanta Poly Weekend 2012 suggested trusts are the best way to collectively share assets while protecting the group and its assets from legal action against individual members. Another thing I overheard is that LLC's provide very little protection because it is usually very simple to pierce the corporate veil with LLC's used in such ways.
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