Choosing between a Corporation, LLC, or LLP

As head of the Law Office of Robert D. Lattas in Chicago, Robert Lattas specializes in representing real estate developers, property investors, and homebuyers. In addition to serving as a real estate closing attorney, he also advises businesses on matters such as incorporation.

When deciding whether to form a business as a simple corporation, a limited liability corporation (LLC), or a limited liability partnership (LLP), there are several factors to consider. Those seeking corporation status must decide between the different tax options presented by the S and C corporation types. Alternatively, an LLC provides individuals, groups of people, or companies several legal and tax advantages over simple incorporation.

Another option available to a group of individuals is to form a limited liability partnership, which can offer several benefits over forming a traditional partnership. Consult an experienced attorney before deciding which corporate structure is best suited to the needs of a particular business.