Family Limited Partnership

Definition of "Family limited partnership"

Souhel  Shehady
  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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