Family Limited Partnership
A family limited partnership (FLP) is a limited partnership in which the partners are members of the same family. FLPs are often used to hold title to potentially risky assets, e.g. apartment buildings, and to protect assets from the reach of creditors via the limitations imposed by charging orders, often the exclusive judicial remedy for limited partnerships in some states, e.g. Arizona. ARS § 29-341.
This brief overview of some important considerations associated with family limited partnerships is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.