how many people do you need to set up a family limited partnership 
a family limited partnership like a holding company or business must have at least two members these members must be related to each other and both enter into the business together at least one partner must be a general partner who is responsible for the management and operation of the business the bottom linea family limited partnership flp is a structure for a business or holding company in which two or more family members can buy shares in the venture family members then become either general partners or limited partners in the business and share profits based on the percentage of shares that they own general partners are responsible for the management and operation of the business family limited partnerships provide gift and estate tax advantages these advantages allow members to more easily pass profits from the business to their heirs increasing the family s generational wealth however as with any business there is a chance of the venture failing members can lose their investments or even incur debt is the business doesn t succeed or is poorly managed 