DH is a limited/silent partner in some real estate. This investment dates back 40 years. The managing partner called yesterday to advise that they are in the process of converting their Limited Partnership to an LLC and need everyone?/majority? signatures for this move. And, they'd like to complete the conversion in the next 10 days . They are doing this for liability advantages, to both the the managing partner and us limited partners.
He emailed us the 40 page document which we have not reviewed...not that we'd understand any of it! And DH is out of town at a conference for the next 6 days.
Would love some input on the pros and cons. One of the cons appears to be what we would assume to be additional costs associated with LLC fees and administrative reqs. Are there reasons not to sign for the conversion to the LLC? Any advice would be greatly appreciated.
He emailed us the 40 page document which we have not reviewed...not that we'd understand any of it! And DH is out of town at a conference for the next 6 days.
Would love some input on the pros and cons. One of the cons appears to be what we would assume to be additional costs associated with LLC fees and administrative reqs. Are there reasons not to sign for the conversion to the LLC? Any advice would be greatly appreciated.