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Sign Limited Partnership Agreement

hi my name is Gareth Sutton I'm an asset protection attorney and I like talking about the good entities the ones that work to protect your assets one of the good entities is a limited partnership this is an entity you charter like a corporation or LLC with the state by chartering it with the state you get asset protection but there's a little bit of a wrinkle that we have to discuss with the limited partnership the LP you file the paperwork with the state and you form as a limited partnership if something happens within the limited partnership and you're a limited partner you are protected from that claim you could lose what you invested into the limited partnership say you put in two thousand dollars the most you'll lose is that two thousand dollars you won't lose a hundred thousand dollars if the claim is large you'll just be exposed for the amount you invest in the two thousand dollars but I said there's a wrinkle with a limited partnership we have to have a general partner their job is to manage the limited partnership the problem with a traditional general partner is they are personally exposed to claims that may come against the limited partnership if they get sued as part of the limited partnership they can lose all of their personal assets the equity in their house their bank account all of their personal assets are exposed so not many people want to start a limited partnership and yet be personally responsible for everything that happens here how do we deal with it well we have the general partner be a corporation or LLC which is also chartered with the state which also gives you the asset protection if this limited partnership get sued for whatever reason they can get the equity inside the limited part if they can get at what the general partnership owns but they can't get beyond these two to reach the personal assets of the limited partner or the general partner so it's important to realize when we set up a limited partnership we have to set up two entities it is important that both parties here be protected now the limited partnership works really well in situations in which mom and dad have for example a four-plex and they have title at the County Recorder in the name of the limited partnership if a tenant sues they can get what's inside the limited partnership but they can't get to mom and dad's other assets now with the limited partnership because you have absolute control as the general partner you can have as little as two percent control ownership of the limited partnership by held by mom and dad and the kids can own 98 percent but have no say in how to manage the limited partnership they own the property through the limited partnership but mom and dad by being two percent general partners have absolute control so if...

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