Family Limited Partnership

[abp]

I have not been involved with Family Limited Partnerships - I have a client that formed one last year.

Two questions:
1- If there are distributions to the members are they taxed or is the partnership?

2 - Where can I find a good resource regarding the partnerships?

Thank you.

[Lion]

K-1

They will get a K-1, as you may be used to from partnerships, detailing income/losses, whether or not distributed.

[Roland Slugg]

You may wish to make sufficient inquiries to make sure the partners qualify as bona fide partners. Any good tax reference book, including TTB of course, should outline the requirements in order for a member to be recognized as a legitimate partner.

[abp]

So it sounds as though it is handled like any other partnership. Thank you.