LLC for Texas MHP


#1

Kali,

I would do some research about whether it is better to use a LLC or LP in Texas for holding title. My understanding is that if you hold title in an LLC there is a gross income tax that you would not have with an LP. Many investors have historically used LP’s in Texas but just recently I heard that Texas might be doing away with the gross income tax on LLC’s. I would do some investigation prior to forming an LLC or LP.

I have formed several LLC’s by using www.smallbiz.com. It was very easy and painless. The cost was roughly about $300 and customer service was great.

Corey


#2

LP is a Limited Partnership. LLC is a Limited Liability Company.