Choose Your Family Limited Partnership Structure in New York

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.

$856
  • 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
  • Sexual Harassment Prevention Policy
  • 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.

$1,301
$1,236
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
  • Sexual Harassment Prevention Policy
  • 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.

$2,018
$1,816
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
  • Sexual Harassment Prevention Policy
  • State Payroll Taxes
Business Fundamentals

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

$856
  • 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
  • Sexual Harassment Prevention Policy
  • 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.

$1,551
$1,473
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
  • Sexual Harassment Prevention Policy
  • 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.

$2,518
$2,266
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
  • Sexual Harassment Prevention Policy
  • State Payroll Taxes

Need Something Tailored?

Build My Own Structure

Experienced Family Limited Partnership Formation Attorneys in New York

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

Get Attorney Support Today

How Family Limited Partnership Formation Works in New York

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 New York—considering taxes, liability, ownership, and future plans.

03

Attorney-Prepared Documents

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

04

New York 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 New York?

Start My Business Now
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 New York

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.
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Family Limited Partnership Formation Insights for New York

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