Texas Family Limited Partnership Agreement and Certificate
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FAQ
A limited partnership is required to have both general partners and limited partners. General partners have unlimited liability and have full management control of the business. Limited partners have little to no involvement in management, but also have liability that's limited to their investment amount in the LP.
A partnership agreement, which can be either written or oral, does not have to be filed as public record. However, like a general corporation, a limited partnership must file a certificate of formation with the Texas Secretary of State.
The FLP allows individuals to distribute their wealth to heirs through limited partnership shares. The value of such shares is less than that of the assets held by the FLP because their appraised value is discounted due to factors such as their limited marketability.
A limited partner is only responsible for the investment they made into the business. General partners are responsible for the partnership's debts and control the day-to-day operations. Both general and limited partnerships treat income as personal income.
LLCs protect every member from liability where FLPs only protect limited partners. FLPs offer unique taxation benefits when shares are gifted as inheritance which allows senior members to pass down money in the form of membership.
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.
General partnership: A general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in ance with a partnership agreement, but there is no requirement that the agreement be in writing and no state-filing requirement.
Unlike general partnerships, an LP must be registered with the appropriate state agency for the partnership to be created, and the LP typically is governed by the partnership agreement which partners have flexibility in drafting.