Posts in June, 2013

Jun 24 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 ...

Jun 17 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 ...

Jun 10 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 ...

Jun 03 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, ...