Family Limited Partnership: How to Protect Your Family Business and Provide for Your Children
Currently, Family Limited Partnerships (FLPs) are the last, best way for individuals to protect their assets from the high burden of estate taxes and from today's litigious society. Historically, FLPs in every state have thwarted the attempts of creditors to seize individual's assets. Thus, family inheritances and businesses can be protected and passed on to future generations.A glossary, thorough index, sample filled-in forms, sample cases and blank tear-out forms make this new title accessible for any consumer.
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Overview of Family Limited Partnerships
The Family Limited Partnership Agreement
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abbreviation applicable assignment Attach Form attach schedule cash Certificate of Limited Check this box Complete lines contribution copy Corporations Division creditor deduction dissolution distributions effective date employees employer identification number enter Family Limited Partnership Fees State filing filing fee FLP interest foreign limited partnership Form SS-4 include limited partnership include the name include the words income loss income or loss individual Internal Revenue Service investment IRS Form Keeping Office Maintained limited liability company limited partner unless limited partnership interests maintain an office Minimum Fees name before admission nership owner P.O. Box Paperwork Reduction Act partnership agreement partnership's business personal assets Quitclaim Deed Record Keeping Office registered agent registered office rental real estate Required Forms Certificate required records Requirements Must include Schedule K-1 Form secretary SECTION service of process sole proprietorship specify Submit one original Subtract line taxable transferred trust withdrawal words limited partnership