A limited partnership is a legal entity made up of a general partner(s) and a limited partner(s). The Uniform Limited Partnership Act. adopted by most states offers a significant degree of asset protection not afforded by other legal entities. When used in conjunction with other asset protection devices. the Limited Partnership is an indispensable tool in most asset protection plans.

In a properly designed asset protection plan. as the general partner of a Limited Partnership, you can maintain control over the partnership assets. The flexibility of property control under the Uniform Partnership Act. makes the use of a Limited Partnership very desirable.

The asset protections afforded through the use of a Limited Partnership can be greatly enhanced by adding a foreign or domestic trust or other entity as a limited partner.