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.
Limited partnerships do have downsides: 1  Certain tax rules restrict LPs from claiming partnership losses beyond $25,000 per year. If losses exceed this amount the partners can carry forward the amount of passive investment losses to be claimed in the tax returns for the following year.