Section 10.1 Introduction
| Library | Estate Planning 2013 Supp |
A. (§10.1) Introduction
A family limited partnership (FLP) or a family limited liability company (FLLC) is simply a limited partnership or limited liability company (LLC) that is designed to hold and manage assets that otherwise would be held and managed by individual family members. Only family members—typically parents and their children or grandchildren—
(or entities controlled by them) will be the partners or members of the FLP or the FLLC. The FLP or FLLC is designed so that the ownership interests in...
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