Family Partnership Filing Explanation by Inc Legal Services

The Nevada State Revised Statues Regarding Partnerships;

Allow for Partnerships NRS 87or Limited Partnerships NRS 88.

The state now uses the term Limited-Liability to precede the type of partnership. Which intern Limits the Liability of the Partners or General Partner correspondingly. Further;

A Partnership is "an association of two or more persons to carry on as co-owners a business for profit".

A Limited Partnership is a partnership formed by two or more persons under the laws of this state and having one or more general partners and one or more limited partners.

A Family Limited Partnership is a Limited Partnership.