Last month I spoke at a seminar on family limited liability companies. Last week, I read an article in the Wall Street Journal about using family limited liability companies. They seem to be the craze right now.
A family limited liability company is:
1. a company that has a legitimate business purpose;
2. must be formed pursuant to state law;
3. must have a federal tax number and bank accounts;
4. generally includes classes of members;
5. permits the general member to run the business while the limited members have the opportunity to learn the business; and
6. can be subject to valuation discounts ranging from 15 to 30 percent depending on the business and assets within the company.
There are many good reasons to use a family limited liability company. If you have a business, rental properties, or other income producing property, you should consider a family limited liability company.
Contact me today at http://www.attorneydrew.com