A Limited Partnership (LP) provides remarkable advantages and planning opportunities. By itself, or in combination with other techniques, the LP can be used to create a powerful strategy for asset protection and realizing estate tax and income tax benefits. A Limited Partnership is an entity recognized under law since 1916 with the creation of the Uniform Limited Partnership Act (ULPA). Enjoying over 100 years of court precedence with all courts of the land including numerous United States Supreme Court rulings to support its foundational validity, Limited Partnerships remain one of the best ways to protect your financial interests. Comprised of two or more persons carrying on an enterprise for profit, Limited Partnerships have a 'general' partner and a 'limited' partner with varying degrees of responsibility and liability. Individuals desiring to protect assets from frivolous law suits, unwarranted creditors, thieves and liens can take advantage of the asset protection benefits afforded by Limited Partnerships.
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