A couple friends and myself are starting a business using a novel business model. We are unsure, however, of how to structure ourselves. We like the idea of General Partnership because it seems to involve less hoop jumping with the state and authorities than would an LLC. What would we gain by going with the LLC instead of General Partnership?Thanks
      Answer1:If you form the LLC correctly AND operate it as a corporation, then all members of the LLC enjoy limited liability. In a general partnership, at least one general partner is exposed to unlimited liability.