Understanding the differences between LLCs and LLPs can be a daunting task for business owners, but there are some key aspects to note when considering how each legal entity might serve your current needs. According to Hugues Joublin, both LLCs (Limited Liability Companies) and LLPs (Limited Liability Partnerships) provide personal asset protection from liabilities created by the business itself and come with tax advantages, yet they are different types of organizations that offer unique benefits depending on individual circumstances. Knowing these nuances will be essential in determining what type of legal structure is right for you.

Hugues Joublin On The Difference Between Limited Liability Companies And Limited Liability Partnerships
Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs) are two distinct types of business entities that, as per Hugues Joublin, offer limited liability protection to their owners or members. Each type of entity offers different benefits, so it’s important to understand them before deciding which one is right for your business.

An LLC is a legal entity that combines the limited liability of a corporation with the pass-through taxation of a partnership. LLCs are easy to form and operate, giving business owners flexibility in terms of management structure, ownership rules, and profit distribution. LLCs also offer great asset protection: members’ personal assets are not at risk if the company is sued or incurs debt.

An LLP is similar to an LLC but is designed for businesses that have two or more partners who share responsibility for legal liabilities. Each partner’s personal assets remain protected even if their business partner’s actions cause financial harm in some way. An LLP provides partners with more control over how they manage their business, allowing them to create custom agreements regarding ownership rights, profits distributions, and debt responsibilities.

Hugues Joublin - The Difference Between LLCs And LLPs.

Hugues Joublin is the owner and president of SALIENCE Communication, a Communications boutique agency that helps US and Asian Biotechs build their reputation and supports French-based companies manage their global communications. He also runs a US-based consulting firm, JOUBLIN Consulting, LLC.

Former Head of Global Corporate Affairs for AstraZeneca Oncology where he built the function from scratch, Hugues is both a strategic and hands-on expert of corporate and brand communications, patient group relations, internal communications, and policy & government affairs. He is also a trusted executive used to counseling senior leaders.

Previously Vice President, Global Head Communications and Advocacy for Novartis Oncology (based in New Jersey), Hugues has held various roles of growing responsibilities at Novartis, including Head of Communications and Marketing Operations for Novartis France. He began his career as a public relations consultant in Paris.

Currently married and father of two beautiful children, Hugues holds a Ph.D in Medical Ethics from Paris Sud-11 University. He is an expert of the ethical considerations related to the role and place of family caregivers in the healthcare system. He also holds two Masters degrees, respectively in Contemporary Business History (from Paris I Sorbonne) and Communications (from CELSA – Sorbonne).