White Paper

9 Pages
  • 9 Pages

FLP-Limited Partnerships vs. Limited Liability Companies

 

Is one better than the other?

That depends on what type of arrangement is needed. Partnerships are made up of two or more persons, and could be a general or limited partnership, and is subject to RUPA or RLPA statutes, among other details. LLCs are made up of one or more persons, and may be member-managed or have managers, and follows the revised LLC Act, among other details. This white paper reviews what an FLP is, what an LLC is, offers a comparison of the differing features including accounting methods and tax issues.

Agenda

Faculty

Cameron L. Hess, Esq., CPA, MBT

Cameron L. Hess, Esq., CPA, MBT

Wagner Kirkman Blaine Klomparens & Youmans LLP

  • Partner with the Northern California law firm of Wagner Kirkman Blaine Klomparens & Youmans LLP
  • Business, real estate, estate planning and federal and state tax attorney (emphasis: real estate, IT, closely held businesses)
  • Chair Corporate and Pass through Entities Committee of the California Lawyers Association Tax Section; past member Business Law Section’s Committee of the same name
  • Adjunct professor at McGeorge School of Law (Partnership Taxation)
  • More than 35 years of experience
  • Chair, The RED Group, a CalCPA Sacramento Real Estate think tank, 26-years
  • Committee member/past chair CalCPA Ed Foundation Tax Conference (and prior Real Estate Conference), 17-years
  • California Apartment Association – Sacramento Valley (government relations/past president)
  • National speaker on tax law
  • Prior: KPMG Lost Angeles Office State and Local Tax Practice (manager)
  • Spidells California Taxletter, past columnist, continuing contributing writer

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