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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10639
Experience:  30 years of corporate, litigation and international law
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I was told to form an LP purely to protect my cash assets.

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I was told to form an LP purely to protect my cash assets. Is it better than an LLC for doing so? This is not for business but to protect assets only. Will and LP be effective for protecting my cash. I went through a divorce and my husband has defaulted on the mortgage and I need to protect my life saving. Again this is not an lp for a business

bizlaw :

A limited partnership requires that you have a general partner so someone else has to be part of organization. If you want pure asset protection, if you do a Wyoming single member LLC, you get the best protection for the assets in the LLC because the creditor is limited to a charging lien which means they cannot attach the liens in the LLC.

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