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A Limited Partnership (LP) is a type of business entity that can be used for many purposes, including asset protection. LPs are structured differently than limited liability companies (LLCs), corporations and other business structures.

Anyone who owns a corporation, limited partnership, LLC or other business structure needs to be aware of the Corporate Transparency Act (CTA). The CTA is a law passed in 2021 that introduces new reporting requirements, which go into effect January 1, 2024.