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Family Limited Partnership Form

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Instructions and help about Family Limited Partnership

so in this video we're going to discuss what a family limited partnership is and how you can use one so what is a family limited partnership well this may surprise you because it does not exist as a formal entity The Entity type is actually a limited partnership where all the partners are family members and with the limited partners you must have at least two partners you must have at least one General partner and at least one limited partner and in this limited Partnerships the parents are the general partners and the kids are the limited partners now the general partner is the partner who has management control over the entity they can own as little as 2% of the limited partnership but in the event the limited partnership is sued the general partner faces unlimited liability the limited partners on the other hand have no management control and if the limited partnership is sued the limited partners liability is limited to what they put into the limited partnership and on top

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