PowerPoint

Lessons Learned
The FLP/LLC must be able to show “substantial
business and other non‐tax reasons” for formation:
FLP/LLC assets should be monitored and actively
managed;
Management should be consistent with the
purposes set forth when the FLP/LLC was set up;
All required dtax returns should ldbe filed
It is better that the FLP/LLC manage operating
business assets than passive assets
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