In addition to the pass-through entity tax benefit and the liability barrier; there are some other great things about having a LLC that are important.

First, a LLC is continued beyond death, retirement, resignation, insanity, bankruptcy or expulsion, because the entity will continue to exist.

Second, as an owner, you have the right and power to transfer all of your ownership interest to a non-owner without obtaining consent from the other owners.

Third, you can create a management that does not include owners who have control of the entity.

Fourth, all of the owners are not personally liable for debts, obligations, and liability of the entity.

Fifth, a LLC has flexibility with how it can be organized, managed, controlled, and financially structured. In respect to capital contributions, sharing of profits and losses, distributions, termination, dissolution and liquidation a LLC is easier than dealing with parties. This is especially true after death and with community property laws.