Can a limited partnership have a trust as its limited partner?

Yes, generally a trust can be an LP. State law varies but most allow entities and trusts to hold LP interests. The trust becomes the limited partner of record, and the trustee signs. Whether it hides you depends on the trust type and state disclosure rules.

This. I did it in Wyoming. The LP certificate lists the trust name and trustee, not the beneficiaries. It's not magic though. If someone really wants to find you, they can sometimes trace the trustee or the trust's own filings.

What about the GP? That's usually the part that actually controls things and is often a corp or LLC. The LP interest can be a trust but the GP is what the secretary of state sees for management

A trust as LP is common in estate planning too, not just privacy. Revocable living trust holds the LP interest, avoids probate. Privacy is a side effect, not the main event.

Fair point. But if the goal is anonymity, a revocable trust with you as trusteee is pretty thin. Your name is on the trust docs and often on the LP signature block.

Depends on the state's LP statute, and how the certificate is formatted. Some states require the LP to list the name and address of each limited partner, some just the general partner. Check the actual form before assuming.

So if I use a trust as LP, who signs the LP agreement? The trustee personally? Does that put a name on anything public?

Trustee signs as trustee, not personally. The signature block says 'Jane Doe, Trustee of the X Trust.' So a name is there but it's in a fiduciary capacity. Whether that's public depends on what gets filed.

Also, some states rqeuire the LP to disclose the trustee's address. If the trustee is you and you use your home address, congrats, you just doxxed yourself. Use a registered agent or a commercial address.

This is why people layer. LP with a trust as LP, GP is an LLC from another state, registered agent is a commercial service. Each layer adds a litttle friction. None of it is bulletproof.

And the trust itself might have to file a beneficial ownership report under the CTA. So theres a federal registry now. The trust's trustee or beneficiaries could end up in FinCEN's database. Privacy is getting harder.

True. But CTA access is limited to law enforcement and financial institutions, not the general public. Different threat model than a state filing that anyone can pull for $20.

I'm following this because I'm considering the same setup. Has anyone actually done a trust-as-LP in New Mexico or Delaware? Curious if the filing offices are picky about trust documentation.

Delaware is fine with it. Just make sure the trust has a proper EIN and the trustee has authority under the trust document to hold LP interests. Don't assume the trust's powers cover it; check the trust agreement.

Appreciate the CTA mention. I hadn't considered that the trust itself might trigger a filing. Is that true even if the trust is just a passive LP with no control?

Ask a lawyer. The CTA rules on trusts are not something to DIY. And if the trust is revocable, the grantor is often the beneficial owner. So your name may still show up in the federal system, just not the state one.