Answering the Question, “What is a Limited Partnership?”

Do you want complete asset protection for your Limited Partnership? Learn how to safely preserve family assets for the next generation without putting the General Partner at legal risk. In this Whiteboard Session Garrett Sutton walks you through the best legal practices with easy to understand diagrams and examples. Without the proper legal structure, General Partners that manage Limited Partnerships incur all the risk of the assets owned by the LP. Garrett Sutton explains how setting up a General Partnership as a Limited Liability Company (LLC) or a Corporation that is registered with the state provides legal protection against lawsuits that threaten the General Partner’s property. Garrett Sutton also explains why Limited Partnerships are ideal for passing down family assets. A well constructed Limited Partnership will allow the kids to own the property while still allowing Parents to manage and protect the property and assets contained within the Limited Partnership. Being a manager of a Limited Partnership also can have its advantages, as Mom and Dad can legitimately use the Limited Partnership to pay for medical expenses, home office expenses or vehicle expenses, while they act as the General Partner. Thank you to C Suite for allowing us to share this information with the C Suite Network.