(800) 773-0888

Limited Partnerships
	Overview
	Check Pricing
	3-Step Process
	Why LegalZoom?

Education Center
	Limited Partnership Education
	FAQ


	Over 500,000 satisfied customers
	World-class customer service
	100% Satisfaction Guaranteed

Home | Business Formations | Limited Partnerships

Limited Partnerships

1.	Definition of a Limited Partnership
2.	Reasons for Creating a Limited Partnership
3.	Definition of a Family Limited Partnership
4.	General Partners in a Limited Partnership
5.	Limited Partners in a Limited Partnership
6.	Advantages of a Limited Partnership
7.	Disadvantages of a Limited Partnership
8.	Taxing Limited Partnerships
9.	Family Limited Partnerships
10.	Setting up a Family Limited Partnership
11.	Partners in a Family Limited Partnership
12.	Taxing a Family Limited Partnership
13.	Assets in a Family Limited Partnership
14.	Estate Tax Credits and Family Limited Partnerships
15.	Advantages of Family Limited Partnerships
16.	Family Benefits from Family Limited Partnerships

11. Partners in a Family Limited Partnership

General partners (typically the parents) create the partnership specifically to give limited partner shares to their children or other family members. General partners retain control of the FLP and make day-to-day investment decisions. They can also draw a percentage of the FLP's income in the form of a management fee.

Limited partners (typically children or other family members) have an ownership interest in the FLP. However, they have limited or no control over the partnership's management. They receive a share of income generated by the FLP based on their ownership percentage. When the FLP dissolves, a proportionate amount of FLP property will pass to each limited partner.

To learn more and speak with a representative, please call us at (888) 381-8758. We are happy to answer any questions you may have.

Start the Process

LegalZoom Newsletter

Choose Another Document

(800) 773-0888

© LegalZoom.com, Inc. All rights reserved.
Disclaimer: The information provided in this site is not legal advice, but general information on legal issues commonly encountered. LegalZoom's Legal Document Service is not a law firm and is not a substitute for an attorney or law firm. Your access to and use of this site is subject to additional terms and conditions.
Click here for our full disclaimer. Click here for site directory.