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What are the advantages of a form being formed as a limited liability company (LLC) instead of a limited partnership? Any disadvantages? Three individuals recently

What are the advantages of a form being formed as a limited liability company (LLC) instead of a limited partnership? Any disadvantages? Three individuals recently created a LLC, with equal interest. One will be working in the business as manager and will receive a salary of $60,000; all will have substantial income from other sources. The LLC expects to be profitable and will earn approximately $30,000 of ordinary income and $30,000 or long-term capital gain. What tax issues should the members consider regarding the LLC's initial year of operations?

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