Los Angeles Family Limited Partnerships Lawyers
Business Vehicles for Asset Protection
A limited liability corporation (LLC) and a family limited partnership (FLP) are two types of business vehicles that can be used to protect assets in the case of legal or financial difficulties.
In a family limited partnership, the general partner is in control of all of the functions of the business. He or she may be held personally liable for the actions of the business. The limited partner, on the other hand, has no control (and holds no personal liability) in the actions of the business.
In an LLC, failure of the incorporated business has little or no impact on the personal finances of the owners. In today's chaotic economy, it is even more important than ever to ensure that a company failure or business bankruptcy does not result in overwhelming personal debt. Contact us today to learn how the formation of an LLC or family limited partnership can serve your asset protection needs.
Family and Home-Based Business Guidance in Unsettled Times
The Los Angeles law firm of Weintraub & Selth offers sound legal advice and experienced representation to California individuals, families, entrepreneurs and businesses seeking to avoid or minimize the personal financial risks in the current unsettled economic climate.
Our team of attorneys can work with you in forming an LLC, family limited partnership or another business entity in such a way as to maximize your personal and family asset protection. We can also assist you in handling the complex legal issues that may arise in situations such as:
- Bankruptcy divorce where there is a family limited partnership
- Foreclosure on investment real estate held in a limited liability corporation
- Business bankruptcy and family corporations
Please call our L.A. offices at (310) 584-7702 or toll free at (866) 572-2423. You may also e-mail us now with any questions or to request an appointment with an experienced California business and personal debt relief lawyer.
