Georgia Family Limited Partnership Agreement and Certificate
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FAQ
The purpose of creating such an entity is generally to achieve creditor protection and reduce gift and estate taxes while maintaining control over the management and distribution of the partnership's assets.
An LLC is controlled by a manager or managers, who may or may not be members. An FLP is controlled by its general partner(s). Managers and general partners do not have to be elected by a majority of members or limited partners; they can be named in the operating agreement or limited partnership agreement.
LLCs protect every member from liability where FLPs only protect limited partners.
A Limited Partnership Agreement is essential for a Limited Partnership. Limited Partnership's typically do not have bylaws like a corporation and Limited Partnerships laws have fewer guidelines than are provided for corporations.
Create & File Registration Register online. Visit the Secretary of State's online services page. Select ?create or register a business?. ... Register by mail. Draft the limited partnership's Certificate of Limited Partnership. ... Register in person. Registering in person provides you with additional expediting options.
Restriction on the types of assets transferred into the FLP. Because the FLP is a business, personal assets cannot be transferred into an FLP without potentially endangering your ability to use the annual gift tax exclusion to transfer limited partnership interests to your heirs.
An LP allows certain investors (limited partners) to invest without having a management role or any personal liability, while the general partners carry all the liability. With an LLC, the owners can shield themselves from personal liability, but all generally have management roles.
Some states only require that the certificate contains the name of the limited partnership, the name and address of the registered agent and registered office, and the names and addresses of all of the general partners.
