- Family Limited Partnerships
Family corporations or "Family Limited Partnerships" are most often created for tax advantages and are not suited for bankruptcies.
Because of the original purpose of the FLP, many of these entities are not with insolvency law in mind. Despite their array of protections, many simply do not protect the family assets from seizure. It is often imprudent to rest upon the advice of tax counsel to protect family assets in the insolvency arena, especially with a family limited partnership.
Charles Chesnutt