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LSDefine

Simple English definitions for legal terms

family limited partnership

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A quick definition of family limited partnership:

A family limited partnership (FLP) is a way for families to start a business or plan their estate. It has general partners who manage the business and limited liability partners who only invest in the business. This allows some family members to run the business while others can still make money from it. FLPs can also be used to gift shares to family members in a tax-friendly way. However, FLPs can have liability issues and can only be used for investment and real estate assets.

A more thorough explanation:

A family limited partnership (FLP) is a type of legal entity that families can use to start a business together or to plan their estate. It is made up of general partners who manage the business and limited liability partners who only invest in the business. This structure allows certain family members to oversee the business while allowing others to benefit from the profits.

For example, a family may use an FLP to start a real estate business. The parents can be the general partners who manage the business, while the children can be the limited partners who invest in the business. This allows the parents to oversee the business while the children can benefit from the profits.

FLPs can also be used as a way to gift shares to other family members in a tax-efficient manner. For instance, a grandparent may gift shares of an FLP to their grandchildren, using the annual tax exclusion amount for each family member. This allows the grandparent to transfer wealth to their grandchildren without incurring gift tax.

However, FLPs can be problematic because they come with liability for the general partners and, in some cases, for the limited partners. Additionally, FLPs cannot be used to gift personal assets while maintaining the tax benefits, limiting their use to investment and real estate assets.

family law | family pot trust

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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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