Number of visits: More than 10. Weâve been shooting at Back 40 since we started in Sporting Clays, about 2 years ago. They continue to improve the club constantly, and just went to automatic traps on the Green course about a month ago.
The limited partners can only receive liability protection by filing a Certificate of Formation of Limited Partnership with the State of Texas pursuant to Section 3.001 of the TBOC. It is recommended that all limited partnerships have a limited partnership agreement.
1 This problem can be avoided if the general partner is the Ultra Trust. 2  The parents as general partners are 100% in control of the assets and 100% responsible for a potential lawsuit. 3  General partners will have no asset protection in these cases.ifting to the Younger Generation with a Family Limited Partnership. The result is highly appreciated assets are transferred from the estate of the parents to the children presumably tax-free. When carefully and properly implemented the family limited partnership is a useful tool.