A limited partnership (LP) is a separate legal entity formed for limited liability and asset protection purposes. The owners of an LP are known as general and limited partners. The management resides exclusively with the general partner. While the limited partners are limited in their liability, the general partners are personally liable for the LP activities. This unlimited liability can be resolved by forming a corporation or LLC to be the general partner.
About The Author
Garrett Sutton is a corporate attorney, asset protection expert and best selling author of 10 books. He has sold more than 850,000 books to guide entrepreneurs and investors.For more than 30 years, Garrett Sutton has run his practice assisting others in protecting assets and maximizing financial goals. The companies he founded, Corporate Direct and Sutton Law Center, have helped more than 10,000 clients protect assets and incorporate businesses. Garrett is a member of the elite group of “Rich Dad Advisors” for bestselling author Robert Kiyosaki.
June 3, 2015
June 3, 2015
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