A family limited partnership is not like other types of partnerships because it is not used to own and run a business. A general partnership and as limited partnership are both types of business that are formed to protect the interest of the partners, in a general partnership both partners are equally liable for the business, but in a limited partnership one partner has a limited liability in the business. A family limited partnership is a form of business ownership that allows you to transfer property and other styles of assets from one generation to another. In most cases, you will find a family limited partnership in estate planning.

According to partnership law, the first step that you will have to follow when creating a family limited partnership is the preparation and filing of the Certificate of limited Partnership with the Secretary of the State. One thing that you need to check in advance about is the name of the limited partnership because it cannot be similar to anybody else’s name that is already on file. You will also need to include the name and address of the person who is going to be the partnership’s designated agent for the Service of Process. This can be any family member that is residing in the state, or you can pay a company a small fee to act as the designated agent.

The last thing that you need to worry about when filling out the Certificate of limited Partnership is the names of the general partners. According to partnership law, you will need to include all of the general partners’ name, which will be made available to the public. The only names that you do not need to include are the limited partners, which also mean they are not available to the public either.

Once you have filled out the paperwork you will need to file it with the Secretary of State’s office, and pay the required filing fee, which ranges from $85 to $125. Once the Certificate is filed, the partnership is legally formed and you must request a copy of the Certificate of Limited Partnership that is stamped with the date of filing so you can open a bank account or purchase or sale real estate in the partnerships name.