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What is a Limited Partnership LP? Business Dictionary Form

What is a Limited Partnership LP? Business Dictionary Form

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[Music] hi my name is Garrett 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 $2,000 the most you'll lose is that $2,000 you won't lose $100,000 if the claim is large you'll just be exposed for the amount you invested the $2,000 but I said there's a wrinkle with a limited partnership we have to have a general partner thei

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