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Texas Limited Partnership Form

Texas Limited Partnership Form

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[Music] howdy this is David grocer Texas taxes low man powering through the discussion of LLC's today I want to discuss the LLC a limited partnership in our pickup truck analogy this is the mechanic's crane truck it can haul people equipment has a bucket and a crane it can do it all and that makes it complex and most practitioners don't like this complexity that's why most accountants try to solve the self-employment tax problem using the LLC tax as an S corp we said an LLC S Corp was like an El Camino or a mullet you got the flexible easy riding features of the LLC with the uptight restrictions of the S corporation rules but that special combination allowed us to control the amount of self-employment taxes that the business owner operator pays when we discussed the LLC LP structure the business owner gets the same ability to control how much self-employment tax and owner pays on the net income of the business but instead of using the S Corp rules which

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