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... LLC agreement itself combines many provisions found in a corporation's articles and bylaws and in shareholder buy/sell agreements. It's important to note that LLCs aren't the same as limited liability partnerships (LLPs) . LLPs are mostly for classic professional' firms, such as those comprised of CPAs or attorneys. They don't protect members from commercial-type debts, such as a premises lease, or from their own professional malpractice; but they do provide protection from cross-liability for E&O and torts of the LLP's other participants. Your clients-and you-can benefit from LLCs in a number of ways: Consider using one instead of a partnership or sole proprietorship to hold real estate (such as your agency office building) . Benefits include tax, cash and profit allocation opportunities, and Liability protection. Consider them as one asset-protection ... . For example, clients often place individual apartment buildings into a series of separate LLCs to compartmentalize their investment portfolio in case of catastrophic lawsuits or under-insured losses involving any of their buildings. They're a good way to shield owners of raw land from runaway jury awards to trespassers or the like. In joint-venture situations, they can make dissolution ( 'divorce') of the LLC's members easier and more tax efficient. LLCs can be very effective in estate planning. Members can achieve a step-up in basis at death. LLCs can also substitute for a trust or family limited partnership in many cases. You can use discounting' concepts you may have heard about for impressive estate tax savings. LLCs can also be used as an effective alternative to Subchapter S corporation structure, with their similar pass-through' taxation ...