I am in a Partnership Agreement with another owner: We both own a condo in Florida. We both inherited our interests in the condo from separate parents. For 20 years our families successfully co-owned the condo with a "Partnership Agreement". Recently my co-owner has asked me to consider changing our ownership to an LLC, or as Tenants in Common. Is there any reason I should consider either, since a Partnership Agreement has worked for so long? Advantages? Disadvantages? (P.S. It is not a rental, and is not used for income.)
Answer
You really need to discuss this with an attorney familiar with business associations and the tax advantages of each type of entity. You also need to understand what the other partner has in mind by changing the entity that is currently being used.
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