Home About Us FAQ Publications & Press Speaking
Links & Resources Contact Us
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemption
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

Overview of the Family Limited Partnership as a Personal Liability Protector

The limited partnership protects partners against the debts of the partnership. But this remains true only if the limited partners do not actively participate in the management of the partnership as outlined previously.  Yet it is easy for a limited partner to overstep his bounds and incur liability for partnership debts.  Therefore, limited partners should fully understand the prohibited activities if they are to remain personally immune.  Here the limited liability company has a decided advantage: Its members can freely involve themselves in company affairs without jeopardizing their personal immunity.

General partners are liable for all debts of the partnership, including all tort and contract claims.  Therefore, individuals should never become general partners when the partnership has liability-producing assets or activities.  In this instance, they should form a corporation or limited liability company, with minimal assets, to be the general partner.


You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!

The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050