Newly formed Multi-member LLC

[aap]

I am PR of a newly formed Multi-member LLC. I need help determining the best ENTITY type for our LLC, Limited Liability Company or Limited Liability Partnership. What are the pros and cons?

[tagteam]

You really need to sit down with local legal counsel for this decision.

See https://www.avvo.com/business-lawyer.html

In the meantime, you can read through the following article.

https://www.journalofaccountancy.com/issues/2018/dec/llc-pros-and-cons.html

One thing to keep in mind is that you generally cannot simply switch from an already organized LLC to an LLP. State law controls entity formation and you normally have to choose at the time the entity is formed.