Legal Question in Business Law in Utah

Hello,

I am doing business in India and have registered business entity. I am in discussion with US based LLC company for partnership. This US based company would offer me 40% stake for my services. They suggested to go for general partnership agreement in which they mentioned allocating 40% stake to me and remaining 60% stake to their LLC company. Can you please suggest legal ways to have this partnership? Is it legal to have general partnership agreement with LLC company? What is the best option;Stake in LLC or general partnership agreement for this partnership? Please suggest.

Thanks in advance.

Asked on 8/13/13, 7:19 pm

1 Answer from Attorneys

Randy Lish Randy M. Lish, Attorney at Law

Either way is "legal," but for asset protection purposes, the LLC is always a better way to hold title than a general partnership. A general partnership provides no asset protection--your personal assets are completely exposed.

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Answered on 8/14/13, 7:21 am


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