it’s important that you know an flp in and of itself is not a solid asset protection strategy. a family limited partnership has three parts: under this structure, the foreign apt is the 99% limited partner and the settlor is the 1% general partner. you will receive a limited partnership interest in the partnership based on the transfer of assets. you may, for instance, contribute most of the assets to the partnership and receive, in exchange, the smallest partnership share. in this way, you can see that a limited partnership is quite like the family-owned corporation. the creditor, then, will have no chance of recovering the conveyed assets but must settle for the limited partnership interest and a meaningless victory. they allow remarkable flexibility and the ability to do things that you can’t get away with in other states as you can have by statute, zero ownership with the general partner and a 100% ownership with the limited partner of an asset protection trust. you can see that in paragraph 2 of this, the name of the general partner, other partnership and it usually needs to be signed by the general partner. anyway, this is a typical lp-1 and you’ll find that it’s downloadable like the agreement i’m about to show you.