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Useful Applications of Limited Liability Companies

Useful Applications of Limited Liability Companies

Most practitioners believe that a corporation is an inappropriate entity to hold real property because of the potential double taxation and other tax considerations says California Business Attorney Steven C. Peck.

Likewise, California Business Lawyer, Steven C. Peck explains, “S corporations are subject to penalty taxes for built-in gains and excess passive income, limiting their usefulness.” Peck goes on to say, “As a result, real property and other appreciating assets are typically held individually or in a partnership, which alternatives require that the owners assume general liability unless the entity is a limited partnership with a corporate general partner.”

Steven Peck goes on to explain “An LLC may offer more protection to its members than a limited partnership if the members are actively involved in the operation of the business, and it avoids the necessity of establishing a corporate general partner.”

The Peck Law Group

About the Author

Attorney Steven Peck has been practicing law since 1981. A former successful business owner, Mr. Peck initially focused his legal career on business law. Within the first three years, after some colleagues and friend’s parents endured nursing home neglect and elder abuse, he continued his education to begin practicing elder law and nursing home abuse law.


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