We are pleased to offer you a forum in which you can ask an attorney a question as it relates to corporate strategies, asset protection, privacy and tax-saving issues. Your question must be general. Those of a detailed or specific nature will be advised to obtain an attorney consultation.
My friend and I are buying an investment property with 80/20 ownership. We agreed to form a limited partnership entity and create LLC general partner. Can we give equal right to the LLC so that we have the same voting right regarding the management of this investment property? Or is this advisable since I am the majority owner.
The LLC can be set up as 50%/50% for management if that is what you want, or it can mirror the LP split. It is completely up to you, but remember if it is 50/50 you will have equal say even though you own more of the LP.
