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RE: LLC Discrimanation

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-----Original Message-----
From: Greg Smith [mailto:strusup(--nospam--at)gte.net]
Sent: Wednesday, October 13, 1999 5:05 PM
To: seaint(--nospam--at)seaint.org
Subject: Re: LLC Discrimanation

    Is an LLP (limited liability partnership) the same as an LLC?

------------------------------------------------------------------

No, Greg it is a similar but separate type of business entity.  The first
LLC legistlation was enacted in Wyoming in 1977, then Florida in 1982, but
due to uncertainity of IRS tax treatment did not really start to take off
until 1988 when the IRS ruled that Wyoming LLC's were eligible for
partnership tax status. After that, eventually all states plus D.C. enected
LLC legislation. The flood gates really openened in 1996 when the IRS tossed
out its complicated business entity tax classifiaction regulationsand and
basically said "Form an LLC in any state. We'll treat it as a sole
proprietorship if it has one owner, as a partnership if it has two. Or you
can even get the tax treatment of a corporation if you just check the
'corporation' box on a new tax form we'll give you. The choice of how you
want your LLC to be taxed is yours."

For more info see this link:

LIMITED LIABILITY COMPANIES AND LIMITED LIABILITY PARTNERSHIPS
By Nicholas G. Karambelas, Esq.
Copyright 1997
http://www.karambelas.net/llc.html

Regards,

Brent Koch, P.E.
Livemore, CA