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LLP or LLC

by Jeremy123
1 replies
What is better an LLP or an LLC.

My wife wants to help Chinese students living in China
to apply and get accepted to go to US colleges, universities,

she will find the students in China and then send the info to her partner
in the states who will then continue the process.

thanks
#llc #llp
  • Profile picture of the author Preneuraholic
    I can't tell you which is better, but I can tell you that you might want to think twice before jumping on the LLC bandwagon.

    Most folks form an LLC for the purpose of protecting their assets. However, what they don't realize is that the "protection" is not a magic cloak. The protection is actually rendered void if you sign a personal guarantee. Depending on the type of business, you will be asked to sign a personal guarantee by vendors, merchant account companies (credit cards), landlords, etc. That personal guarantee is an easy way for a vendor to get around your LLC protection.

    Speak with an attorney before going throught he expense and hassle of an LLC.
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