The close relationship of business factors and family concerns in a family business are best described as a sibling partnership.
In a sibling partnership, it's critical that you discuss one another on issues that will shape and affect the business, despite your clearly defined responsibilities. In addition to daily operations, partners should be involved in the scope and long-term planning of your relationship.
The FLP is a distinct legal organization with its own management team and tax filing obligations.
The partnership agreement forming an FLP limits ownership of the partnership units to family members, unlike a conventional limited liability partnership.
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