can anyone point me to someone who specialized in FLP's and how to set them up, or could set one up for me?
Are they better than an LLC to protect assets (real estate) from lawsuits?
2007-01-01 16:21:38 · 1 answers · asked by Sutej G 1 in Business & Finance ➔ Corporations
I would contact a good business attorney. They can help with the set up and the articles of operation.
You would be much better off with a family LLC that with just a partnership. The LLC offers asset protection while the FLP does not. Someone in a FLP has to be a general partner which means that all of their assets are at risk. You could establish a corporation as the general partner. There will be a certain amount of assets that the corporation would have to own in order for it to be recognized as a viable entity. There would also have to be a separate tax return filed for the corporation each year.
The LLC has none of these problems.
2007-01-02 01:29:17 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋