Should an FLP be in your family business’s succession plan?

Description

Abstract: One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. A family limited partnership, or FLP, can help owners gradually transfer ownership while still retaining control. It can also provide protection from creditors. This article explains how to establish an FLP and transfer assets to children or other family members. A sidebar cautions about some of the risks of FLPs that are improperly established or administered.