To form a family limited partnership, you begin by filing Articles of Organization to create a Limited Liability Company (note that while commonly referred to as a family "limited partnership" these entities are technically formed as LLCs). At the time the entity is formed all prospective owners should discuss, negotiate, review and sign an agreement governing the partnership (an Operating Agreement). Then, the appropriate assets are transferred to the entity. 

Having a family limited partnership can help you gauge whether or not your family members possess the ability to ultimately manage the assets, and help them learn how to improve their management skills. There are also estate tax and income tax savings in most cases since the income generated by the entity will be spread out among more than one family. 

We can help you with all aspects of establishing and operating a family limited partnership. Whether your concerns lie with the management of the assets transferred to the partnership, or you desire to minimize estate and income taxes, our firm is particularly well adept to help you maximize the advantages available by using a family limited partnership to hold, manage and transfer your property.