My brothers and I are thinking of setting up a Family Limited Partnership (FLP). Can you tell us why this would be a good idea? Can you tell us about any potential problems we will face setting this up?
Tax Professional Answers
Structuring an FLP can be complex, in that this arrangement must balance potentially competing goals and objectives (business, tax, and personal). The FLP can be expensive to maintain and the partnership rules are complex. Valuation of the assets is key!
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