Q.What is a family limited partnership?

A.A family limited partnership is simply a limited partnership among family members. There can be significant tax benefits with this type of partnership. Typically, the partnership is formed by the parents, who contribute assets to the partnership in return for general partnership and limited partnership units. The parents can then embark on a plan of giving limited partnership units to their children and grandchildren, while retaining the general partnership units that control the partnership.

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