Technically there is no such thing as a “Family” Limited Partnership or FLP. In fact, an FLP is just a Limited Partnership where 75% or more of the partners are related by blood or marriage. The usage of the word ‘Family’ is more of a marketing tool than anything else and relates to the ownership of the partnership and not an entity which somehow differs from the legislation used to form a (traditional) Limited Partnership under state law. In short, the terms “Limited Partnership” and “Family Limited Partnership” are interchangeable. Save the ownership of the partnership, the underlying state legislation upon which the entities are formed are the same.
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