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Blog Posts in June, 2013

Can one individual set up an FLP?

A partnership's definition requires 'two or more partners.' However, a corporation or LLC owned by the individual can become the general partner, and the individual personally, or through ...
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Can you give an example of how the FLP would be used?

Usually, spouses transfer most of their assets to the FLP. The spouses, as general partners, would share control. They may own their limited partnership interest personally or through their respective ...
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How does the FLP protect assets?

The short answer is that a limited partnership interest cannot be claimed by the debtor-partner's creditors. The creditor can only obtain a charging order which entitles the creditor only to ...
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What is a family limited partnership and what role does it play in asset protection?

A family limited partnership (FLP) is a limited partnership (LP) owned by family members, or family controlled entities (trusts, etc.). They work the same as any limited partnership. The FLP is ...
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The Presser Law Firm, P.A. - Asset Protection Attorney
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