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Individual to a Family Limited Partnership Form

Individual to a Family Limited Partnership Form

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the following BL TV program is brought to you by O'Flaherty law please enjoy welcome to learn about law my name is Kevin o Flaherty from O'Flaherty law and today we're going to explain the difference between a family limited partnership and a family LLC these are two corporate mechanisms that are used to do basically two things one is to protect an asset from estate tax and the other is to protect an asset from creditors and essentially transfer that asset to a to the next generation of a family without estate tax or creditors becoming a problem now one is better for estate tax the other is better for creditors and we'll explain why and how they work so let's talk about what a family limited partnership is in a family limited partnership you have general partners and limited partners the general partners make all the decisions and they have controlled the corporation the limited partners owned a percentage of the corporation and have a right to p

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