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What is the difference between a general partnership and limited partnership for taxes?
My cousin and I are starting a real estate investment project and we're debating between a general partnership and a limited partnership. I know the liability is different, but how does the taxation work? Does a GP and LP pay different taxes? We want to minimize our tax burden and protect our assets.
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How does LLC taxation actually work? Does the LLC pay taxes or do I pay taxes personally?
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