Perspective
Oct. 16, 2014
LLCs take a backseat to limited partnerships in 2014
For clients and professionals interested in the highest degree of protection of their valuable interests in entities, the winning choice is a limited partnership rather than a limited liability company. By Bruce Givner and Owen Kaye
Asset protection planning is a concern to many clients and professionals. When discussing asset protection planning we need to distinguish among the three types of creditor issues which we refer to, in client meetings, as Up, Down and Sideways. This is best illustrated by assuming that Joe owns a single member LLC which owns two buildings, which is a relatively common current structure. If someone dies in building one, the judgment ...
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