What Is A Family Limited Partnership?

You may have heard of family limited partnership, but what is a family limited partnership?
This may be shocking to you, but family limited partnerships don’t exist as a formal, separate entity! And if some tax resolution specialist or IRS tax resolution expert suggests otherwise, run away!
A family limited partnership is just a limited partnership. When you’re incorporating your business, you can only form a limited partnership. And this limited partnership must have at least one general partner and one limited partner. This video also walks you through the differences between general partner vs limited partner.
Estate planning for business owners is important, especially when business legacy planning and business continuity are taken into account. However, you must use a limited partnership, NOT a family limited partnership, to carry out your estate planning goals.
This video also walks you though the difference between family limited partnership vs LLC, and family limited partnership vs trust, NOT family limited partnership Texas.
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DISCLAIMER: The contents of this video are NOT LEGAL ADVICE and do not apply to your specific circumstances. This information is provided for general informational and educational purposes only. Viewing this video DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. We highly encourage you to seek professional legal advice before acting or relying on any information contained in this video.