How do you set up a family limited partnership in michigan? Also, can a FLP be done solely between siblings?
2007-03-18 14:12:05 · 3 answers · asked by AreYouForReal? 3 in Business & Finance ➔ Corporations
Dear Are,
You can set up an FLP in MIchigan and you can do it just between family members. Because an FLP provides liability protection you must register it with the state. Go the the web site for the MI Secretary of State for requirements.
In our work in MIchigan we have discovered that many people in your position choose to establish an LLC instead. Look at the difference at the MI Sec of State, and if you still have questions, contact an attorney for assistance especially if you are attempting to deal with a significant asset that you want to protect.
Good Luck,
Dana B. - President
A wealth management firm with clients in Texas and Michigan
2007-03-18 15:10:39 · answer #1 · answered by planningresult 4 · 0⤊ 0⤋
Do you've any idea what so ever a turn is or ability? What plausible earnings are you attentive to? Do you imagine that's going to save money? How? Do you imagine it will strengthen your earnings? How? i guidance you concentration on operating the save. particular, there are some tax ideas you may ask your CPA to describe to you. you do not do your human being tax go back, do you? that could nicely be a really undesirable idea.
2016-12-02 05:03:07 · answer #2 · answered by marcinko 4 · 0⤊ 0⤋
GET OUT OF MICHIGAN, THE ECONOMY SUCKS
(My family just left)
taxes are going up
2007-03-18 14:19:58 · answer #3 · answered by charlesthesportsfan 2 · 0⤊ 1⤋