Warren Buffett once said, “It's good to learn from your mistakes. It is better to learn from the mistakes of others.” This maxim rings true in investing, of course, but it is also appropriate in the context of an attorney advising a high net worth (HNW) client on allocating capital to an alternative entity such as a limited liability company (LLC). ) or a limited partnership (LP). HNW clients and their trusts typically own and allocate capital to LLCs and LPs for a variety of reasons, such as continuity