An FLP is a type of limited partnership formed by family members to hold and manage family assets. Typically, parents or grandparents will form the FLP and serve as general partners, maintaining control over the partnership’s operations. Other family members are brought in as limited partners, receiving ownership interests but having little to no control over day-to-day management and limited liability! It's tricky, but it's awesome! For example : Parent forms AnyNameFamily, LP and serves as...

Scammers have come up with a new twist on an old scam to collect data and unnecessary payments from owners of state-registered businesses. The scammers hit three or four primary items: 1.) EIN Tax Numbers; 2.) Certification of Existence; 3.) Annual Reports; and 4.) Corporate Transparency Act filings. Tricksters, Scammers, Fraudsters... Employer Identification Numbers One of the standard steps when forming a new business is to obtain a tax identification number. Scammers “warn of dire...

Generative AI contract management and drafting tools are increasingly accessible and widespread, and many companies are experimenting with these tools to draft full legal agreements. For start-ups and businesses with limited resources, the appeal is obvious: AI can produce contracts quickly and at a fraction of the cost of traditional legal drafting. What once may have required days of attorney time and high legal fees can now theoretically be generated in minutes with a simple prompt… or can...