Family Limited Liability Companies (FLLC)
A Family Limited Liability Company is a type of business entity that allows family members to efficiently manage a family business. With an FLLC, only certain family members have control over assets and business decisions, including when to distribute income to other members. This legal entity allows family members to avoid transfer taxes by taking advantage of gift tax exemptions when transferring assets to other family members. It also is an effective way of keeping certain assets within the family and protecting certain assets from creditors.