Asset Protection: Consider a Family Limited Partnership

When you are devising a financial plan as a business owner, you should take asset protection into consideration. There are litigious types out there who look for successful targets, and you have to be proactive if you want to make sure that your assets are protected from legal actions. With the above in mind, we will look at family limited partnerships in this blog post. Asset Protection for Business Owners While anyone can be sued, certain people who are involved in businesses may be more vulnerable. Landlords would fall into this category. Tenants or visitors could potentially get injured on rented property, and this would be a constant risk. Asset protection is also important for physicians and other professionals. Doctors are viewed as “deep pocket targets” by litigious types, and malpractice suits are not uncommon. The legal device called a family limited partnership could potentially provide a solution. If you establish a family limited partnership, you would be the general


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