What Is A Family Limited Partnership?
A Family Limited Partnership is form of business entity which can own both your Limited Liability Companies as well as your personal non-risky assets such as your investment account, or savings account.
The benefit of a Family Limited Partnership is that it gives you charging order protection. Charging order protection means that a creditor cannot force a distribution until you choose to make one. Meanwhile a creditor is required to pay taxes anytime the partnership value grows. This level of protection significantly increases your chances of avoiding a lawsuit and gives you a great deal of leverage in negotiating a settlement on your terms.