Family Limited Partnerships & Limited Liability Companies

Do you own a small family business?  If you do, you can minimize taxes and provide for smoother transitions with a limited partnership or LLC.  An FLP or LLC would enable you identify rights to income, appreciation, and control within the family, based upon the family’s overall objectives.  A family business can include real estate or investments.  If you have a small business, it is important to have a plan on how things will be handled in the event someone who is active in the business dies.  Often, once the issues have been considered, the family also has a road map in the event someone who is active in the business gets sick or wants to retire.