Estate Planning for Business Entities: What About Limited Partnerships?
Bridget Mackay2021-04-09T00:36:35+00:00Last August, I wrote a short blog post exploring the differences between corporations and limited liability companies (LLCs) for California estate planning purposes. These days, most business owners who choose to establish a legal entity for their business will choose between those two types of entities. However, when it comes to estate planning, we really should consider a third type of entity that isn’t as widely used for general business purposes: the limited partnership (LP). Traditionally, sophisticated estate planning with business entities involved creating what’s colloquially known as a “family limited partnership” (or FLP)—an LP whose partners are all members [...]