Family Limited Partnership

Definition of "Family limited partnership"

Souhel  Shehady real estate agent
Souhel Shehady, Real Estate Agent Century 21 Supreme Realty

Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as deductions, flow through the partnership to the partners on a pro rata basis. The partners report their pro rata share on their individual personal income tax returns.


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