qualified appraiser, typically defined as someone certified to perform such work (either by the American Society of Appraisers, the Chartered Financial Analyst Institute, or another similar organization), someone who routinely performs this type of work as a normal course of business, and in compliance with federal and state laws, as well as generally accepted appraisal standards and the Uniform Standards of the Professional Appraisal Practice (USPAP). FLPs should be formed as long-term family investment asset vehicles. In addition to investing in marketable securities, the GP can purchase alternative investments, such as hedge fund and private equity interests. Another "alternative investment" would be an interest in a closely held business created by one of the LPs. In this way, the FLP can serve as a vehicle for encouraging family entrepreneurship. An LP (e.g. a son or daughter of the founder) could submit a business plan and request seed capital or a loan for a new venture. Because an FLP or FLLC is a real business entity, it should be treated as one. Meetings should be held on a regular basis to review the conduct of the entity's investment business. The entity must make any distributions proportionately to all partners or members. It should never be used as the personal bank account of the founder. See also Discretionary trust Limited partnership Further reading Partnerships