What is better: Joint Venture between two LLCs or LLP?

[grifferator]

Hello,
I know the title is broad and I'm new to this community, but let me try to explain what I'm getting at.

I'm about to form a music recording and production company in CO with a good friend of mine. Speaking to a CPA friend of the family, he suggested we both create LLCs and form a joint venture to do business under the name of the company we would like to create. He said that the advantages to this over a partnership of any kind would be apparent when we had to file for taxes.

My partner also has a CPA friend who suggested a Limited Liability Partnership and directed us to a boilerplate to familiarize us with the article of the partnership agreement.

It definitely seems like in both cases, it's wisest for us to set up our own LLCs to provide an addition layer of protection from liability.

To me, it seems like both entities are pretty much the same when it comes down to it. With the flexibility of a well thought out and professionally written agreement, be it partnership or joint venture, I can't see any inherent advantages to one over the other.

Can someone with a little more experience shed some light on this?

 

[army judge]

This is to be a business, is it not?

You're going to sink your money into this venture.

Whatever either of you decide, you'd be wise to speak to your own attorney, individually.

You EACH need someone to advise you individually, before you end up fighting over who did what to whom.

You don't want the advice of strangers in this endeavor.

You each need your own paid legal adviser before you proceed.