Family Limited Partnerships Defined
The Law Offices of Phillips, McElyea, Carpenter & Welch, P.C . are committed to providing our clients as many options to protect their hard earned assets via good estate planning advice. If you own a business, a home, investment property, stocks, or other assets, you may need to protect yourself from attack by potential creditors or from exorbitant taxation. One structure that may help you is a "Family Limited Partnership". What is a Family Limited Partnership ? A family limited partnership (FLP) is designed to pool together a family's assets into a single family-owned business partnership. This is different from a conventional trust and the family members actually own a share in the business. There are two types of partners; general and limited. General partners control all the decisions of the partnership and bear 100% of the liability. Limited partners cannot participate in the management of the FLP and their liability is limited. FLPs...