For years promoters have touted the use of Family Limited Partnerships (FLP) as a tool for owning and protecting assets and providing a mechanism for passing them on to the next generation.  The FLP has been used so frequently that it could lead one to the impression that the FLP is a separate kind of entity.  It isn’t.  It is simply a Limited Partnership used for family purposes.  Similarly, the LLC is becoming used for family purposes, which has coined the usage of the Family LLC.

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