Blog Posts in June, 2013
Posted on Jun 24, 2013 By The Presser Law Firm, P.A.
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 ...
Continue reading "Can one individual set up an FLP?" »
Posted on Jun 17, 2013 By The Presser Law Firm, P.A.
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 ...
Continue reading "Can you give an example of how the FLP would be used?" »
Posted on Jun 10, 2013 By The Presser Law Firm, P.A.
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 ...
Continue reading "How does the FLP protect assets?" »
Posted on Jun 3, 2013 By The Presser Law Firm, P.A.
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 ...
Continue reading "What is a family limited partnership and what role does it play in asset protection?" »