You decide to start a business venture for you and the members of your family with the hopes that the business will generate income to provide a moderate level of income to each member of your family in perpetuity. The venture will develop 200 acres of land with several commercial buildings on the site and will lease space to more than one tenant. You anticipate that the venture will generate losses during the years of construction. You want to be the only manager of the business; your family members will be passive owners only. What are the advantages and disadvantages of operating the business as a limited liability partnership for this family-owned commercial devolpment?
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