What are the differences between a partnership and an LLC?
An example of an AI chatbot conversation about partnership vs LLC differences.
What are the differences between a partnership and an LLC?
A partnership is a business structure where two or more individuals share ownership, while an LLC (Limited Liability Company) provides personal liability protection to its owners.
What are the tax implications for each?
Partnerships typically pass profits and losses through to the partners' personal tax returns, while LLCs can choose to be taxed as a sole proprietorship, partnership, or corporation.
Which one is better for a small business?
It depends on your specific needs. An LLC offers liability protection, which is beneficial for small businesses, while partnerships are simpler to set up and manage.
Can I convert my partnership to an LLC later?
Yes, you can convert a partnership to an LLC, but the process involves legal steps and may require filing paperwork with your state.
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