Choose Your Family Limited Partnership Structure in Illinois

Pick from our recommended Family Limited Partnership packages — or build your own structure with the guidance of our attorneys.

Business Fundamentals

Ideal for simple formations-includes state filing fees and effortless bank account setup.

$801
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes
Preferred

Designed for those seeking liability protection—includes state filing fees, tax-efficient setup, and attorney-drafted contracts to launch with confidence.

$1,246
$1,184
5% Off
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes
Premium

Perfect for launching and growing a full-scale business—includes state filing fees and everything needed to start, run, and protect your company.

$1,613
$1,452
10% Off
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes
Business Fundamentals

Ideal for simple formations-includes state filing fees and effortless bank account setup.

$801
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • Restrictive Agreement
  • Complex Shareholders Restrictive Agreement + Member Divorce Protection Provisions
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes
Preferred

Designed for those seeking liability protection—includes state filing fees, tax-efficient setup, and attorney-drafted contracts to launch with confidence.

$1,496
$1,421
5% Off
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • Restrictive Agreement
  • Complex Shareholders Restrictive Agreement + Member Divorce Protection Provisions
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes
Premium

Perfect for launching and growing a full-scale business—includes state filing fees and everything needed to start, run, and protect your company.

$2,113
$1,902
10% Off
  • Family Limited Partnership
  • Federal Tax ID/EIN
  • PDF/Electronic Version + Secured Server Storage
  • Choose 1: Service Agreement or Employment Agreement or Independent Contractor Agreement
  • Indemnification Agreement and Covenant Not to Sue
  • Restrictive Agreement
  • Complex Shareholders Restrictive Agreement + Member Divorce Protection Provisions
  • License(s), Permit(s), Tax Registration(s) Package For Your Business
  • State Payroll Taxes

Need Something Tailored?

Build My Own Structure
Advantages

What a Real Law Firm Does That Software Can't

We Don't File and Disappear

File-and-forget services are everywhere. We're still with you a year from now — banking setup, contract review, compliance reminders, legal questions answered by a real attorney or paralegal.

We Handle Your Government Mail

Government notices, IRS letters, legal correspondence
 We receive it all, process it, and make sure you never miss a compliance deadline.

Unlimited Legal Advice

Join the General Counsel Club and get unlimited consultations with licensed attorneys — for strategy, contracts, disputes, and anything in between.

Flat-Rate Pricing. No Surprises.

State filing fees are included. What you see is what you pay — no hidden charges, no auto-renewing subscriptions you didn't sign up for.

35+
Years In Business
865K+
Companies Formed
50
States Covered
Start Your Company Today

Experienced Family Limited Partnership Formation Attorneys in Illinois

Our legal team has helped hundreds of entrepreneurs form Family Limited Partnerships in Illinois across many industries—ensuring proper setup, compliance, and long-term protection.

Get Attorney Support Today

How Family Limited Partnership Formation Works in Illinois

Four clear steps, handled by professionals—so you don’t miss a detail.

01

Tell Us About Your Business

Complete a quick online intake with your business purpose, owners, and preferences so we can tailor your Family Limited Partnership formation.

02

Select the Right Family Limited Partnership Structure

An attorney helps you choose the optimal approach for Illinois—considering taxes, liability, ownership, and future plans.

03

Attorney-Prepared Documents

We draft and assemble all Illinois formation documents for your Family Limited Partnership, ready for signature and filing.

04

Illinois Filing & Ongoing Support

We file with the state, deliver your formation package, and provide guidance on banking, compliance, and next steps.

Ready to Start Your Family Limited Partnership in Illinois?

Start My Business Now
The Process

Your Family Limited Partnership in Illinois in 4 Steps

Four clear steps. Handled entirely by attorneys. You focus on the business — we handle everything else.

  • Tell Us About Your Business
  • Select the Right Family Limited Partnership Structure
  • Attorney-Prepared Documents
  • Illinois Filing & Ongoing Support

Ready to start the process?

Attorney-backed · No hidden fees · Start in Minutes

Start Your Company Today
01

Tell Us About Your Business

Takes less than 5 minutes
Complete a short online form about your business, ownership, and goals
Our attorneys review your information and identify the right Family Limited Partnership structure
No documents or paperwork needed from you at this stage
Flat-rate pricing confirmed — no hidden fees, no surprises
02

Select the Right Family Limited Partnership Structure

Sent within 1 business day
We present the best structure options for your goals and Illinois requirements
An attorney explains the tax, liability, and ownership implications of each option
03

Attorney-Prepared Documents

We handle everything from here
Our legal team drafts and assembles all required Illinois formation documents
Every document is reviewed for accuracy before filing
04

Illinois Filing & Ongoing Support

You're officially filed
We file directly with the Illinois Secretary of State on your behalf
You receive your complete formation package by email
Ongoing guidance on banking, compliance, and next steps included
Corporate Book
Included

What's Included on our Service Fee?

  • State Filing Fee
  • Corporate or Company Seal
  • Records Book
  • Certificate or Articles of Incorporation or Organization
  • Company and Corporate Minutes
  • Corporation Bylaws or LLC Regulations
  • Corporate Stock or LLC Membership Certificate(s)
  • Banking Resolution
  • Preliminary Name Search
Start My Business Today
Common Questions

Family Limited Partnership Formation FAQs in Illinois

A Family Limited Partnership is a Limited Partnership formed by family members to hold, manage, and transfer family assets across generations. Typically, parents or senior family members serve as general partners and retain control over the assets, while limited partnership interests are transferred to children or other family members over time. It is one of the most effective legal structures for estate planning, asset protection, and generational wealth transfer.

Families with significant assets — real estate portfolios, business interests, investment accounts, or other concentrated wealth — who want to transfer that wealth to the next generation in a controlled, tax-efficient way. It is also used by business owners who want to begin transitioning ownership to family members while maintaining operational control during their lifetime.

When limited partnership interests are gifted to family members, those interests are often valued at a discount relative to the underlying assets because limited partners have no control and limited marketability. This valuation discount allows more wealth to be transferred within annual gift tax exclusions and reduces the taxable estate. The IRS has rules around this, and the structure must be properly implemented to withstand scrutiny.

Full operational control. General partners make all management decisions, control distributions, and direct how assets within the partnership are invested or used. Transferring limited partnership interests to family members does not dilute that control. The FLP allows wealth to move while authority stays in place.

Yes, with important limitations. Assets held inside the FLP are generally protected from the personal creditors of individual limited partners. A creditor who obtains a judgment against a limited partner typically cannot seize partnership assets directly — they may only be entitled to a charging order, which gives them a right to distributions but no control over the partnership. The FLP must be properly formed and operated for this protection to hold.

Real estate, investment portfolios, business interests, and cash are the most commonly transferred assets. Certain assets, such as retirement accounts and personal residences, generally should not be transferred into an FLP for tax and practical reasons. Your attorney and CPA will identify exactly which assets belong inside the structure and which do not.

We draft the partnership agreement, file the certificate of limited partnership with the state, establish the general and limited partner ownership structure, prepare the initial capital contributions, and coordinate with your estate planning attorney and CPA to ensure the FLP integrates correctly with your broader plan.

The partnership filing itself is typically completed within 5 to 7 business days. The partnership agreement and the asset transfer strategy require additional time and coordination with your advisors. Your attorney will walk you through the full timeline at the start of the engagement.

Yes. We handle FLP formations nationwide. If the family holds assets in multiple states, your attorney will advise on formation state, governing law, and any additional filings required where assets are located.

Yes. We offer a complimentary 15-minute call with one of our attorneys before any engagement begins. An FLP is a significant planning decision and that call will give you a clear picture of whether the structure fits your family's goals before you commit to anything.

An FLP that is improperly drafted or funded can be unwound by the IRS, leaving your estate in a worse position than if you had done nothing. The structure, the partnership agreement, the valuation methodology, and the asset transfer must all be coordinated correctly. Our attorneys handle that coordination. A filing service handles the paperwork.
Trending Topics

Family Limited Partnership Formation Insights for Illinois

Read More Articles