New York Family Limited Partnership Agreement and Certificate
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FAQ
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.
LLCs protect every member from liability where FLPs only protect limited partners.
Corporations that form as Limited Partnerships (LPs) need a certificate. This certificate is filed with the New York State Department of State (NYSDOS). Businesses should consult an attorney to learn about legal structures. Applicants must file documents and pay a fee.
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.
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.
A New York limited partnership is formed when (1) at least two persons have an agreement to form and operate a limited partnership with at least one being a general partner and at least one being a limited partner, and (2) the general partner executes a partnership agreement, and executes and files a certificate of ...
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.
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.
