Legal Question in Business Law in Georgia

Me and 4 other individuals with LLCs are investing in a rea estate property together. Should we create a multi-member LLC or should we create an LLC that is a joint venture? What are the differences in liability, tax and continuity. We are not concerned about which is less expensive or less hassle to form. We are more concerned about tax liability and personal liability.

Asked on 3/08/22, 3:02 pm

1 Answer from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

There is no such thing as a joint-venture LLC, at least in Georgia. If you create a new LLC that is owned by your existing LLCs, it will be a multi-member LLC. So, it would function the same anyway. In that scenario, you will need to have a good, comprehensive operating agreement to dictate ownership and management of the new LLC.

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Answered on 3/09/22, 8:37 am

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