Warren Buffett once said, “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” This maxim rings true in investing, of course, but is also apt in the context of an attorney advising a high-net-worth (HNW) client on the assignment of equity in an alternative entity such as a limited liability company (LLC) or a limited partnership (LP). HNW clients and their trusts commonly own and assign equity in LLCs and LPs for a variety of reasons, such as succession
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