Any advantage of limited partnerships over llcs?

that answer can best be answered by your accountant as what is right for me may not be right for you as only you and your accountant know what your financial situation.

One HUGE disadvantage is that you are liable for the actions of your partner in a partnership. However, with the limited partnership, only your investment is at risk - limited partners are not liable for partnership debt.

The only advantage of a limited partnership that comes to mind is that it is easy to form. A LLC requires more effort. However, the upside of the LLC makes the effort required more than worth it - in my opinion anyway.

There are tons of sites that will compare these various business entities.

For most, the LLC is going to be a superior vehicle.

R

Neither of these forms are good fits for many of the most used forms of real estate investments. They provide far too little in the way of asset protection or in the case of Limited Liability partnership... any official say in the day to day activities of the partnership... that is the sole discretion of the General Partner.

LLC's and sometime S or C corps are often the better choice but it does all depend on the specific situation and intended use of the entity.