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marketsite: "Family Limited Partnership Key To Protecting Assets
Source: Mercer Business
Publication date: 2004-09-01
Arrival time: 2004-10-25


The Family Limited Partnership ('FLP') ensures continuous succession of property ownership and control from one generation to the next, while sheltering family assets and financial resources from waste, estate taxation, and creditors. The FLP is composed of two types of partners: general partners who are entitled to a pro rata share of the partnership's profits and losses, and are entitled to all the rights of management and control of the partnership; and limited partners who have the same pro rata right to partnership profits, losses and distributions as the general partners, but have no rights of management or control of the partnership (unless such limited partner is also a general partner or acting on behalf of the general partner).
One of the preliminary objectives of an FLP is to carry on a"