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Friday, February 23, 2024

This article provides an in-depth analysis of Family Limited Partnerships (FLPs), a popular legal structure for family-owned businesses. The article explores the benefits and drawbacks of FLPs, including limited liability protection, tax benefits, and business continuity, as well as potential issues such as limited control for limited partners, unlimited liability for the general partner, and complexity in setting up and managing the partnership. The article also highlights other benefits of FLPs, such as reducing estate taxes and protecting assets from creditors. Overall, the article offers a comprehensive guide to help family-owned businesses determine whether FLPs are the right choice for them.

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