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LLC vs Partnership — United States

An LLC generally shields members from personal liability for business debts, while a general partnership typically does not — the tradeoff is usually more formality and cost to set up an LLC. Should specify member voting rights, capital contributions, and procedures for admitting or removing members. By contrast: Should clearly define each partner's capital contribution, profit-sharing ratio, and decision-making authority. Typical legal fees for drafting or reviewing either document in this jurisdiction run $150–$400/hr attorney rate; $500–$2,000 flat for template review — as with any fee estimate, confirm current rates with a local practitioner.