What is a Family Limited Partnership (FLP)?

A Family Limited Partnership is a legal entity designed for family members who wish to collectively manage and transfer assets. In an FLP, there are general and limited partners. General partners oversee management and assume full liability for debts, while limited partners have no control over operations and their liability is restricted. Profits and losses are allocated based on ownership percentages, and taxes are passed through to individual partners rather than the entity itself.

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

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