Family Limited Partnership

Definition of "Family limited partnership"

Souhel  Shehady real estate agent

Written by

Souhel Shehadyelite badge icon

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...

Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...

Life insurance company agency that sells ordinary life insurance and industrial life insurance. ...

Record of debit or industrial insurance policies. ...

Method of accident prevention whose objective is to detect system-component deficiencies that have the potential for causing accidents. ...

Company that provides access to the internet through electronic communications. ...

Negligent acts or omissions that result in actual or imagined bodily injury and/or property damage to a third party, who brings suit against a business firm and its representatives ...

Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...

Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...

Popular Insurance Questions