Section 10.8 General Comments Concerning Forms
| Library | Estate Planning 2013 Supp |
A. (§10.8) General Comments Concerning Forms
There is no standard limited partnership agreement for the family limited partnership (FLP), and there is no standard operating agreement for the family limited liability company (FLLC). Each limited partnership or operating agreement must be tailored to meet the factual circumstances of the client, the client’s desires and objectives, and the current state of law, particularly any recent developments under I.R.C. §§ 2703, 2704, and 2036.
Each form is based on...
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