Family limited partnerships are just conventional limited partnerships that are owned exclusively or primarily by members of a single family. Limited partners invest their money silently in hopes that one day they will reap a huge profit from the business. If the limited partnership goes belly up, the limited partners lose only their investment in the partnership. They cannot be forced to pay off the partnership's debts with other money they may have. General partners get to run the show, but in return they have unlimited personal liability for debts of the limited partnership.
Limited partnerships are popular in estate planning.
The reason is that parents can create a limited partnership and give away limited partner interests to their children without the children being able to control the property. Powers of attorney. A power of attorney is a document that allows you to designate another person to sign your name for you if you are unable to do so yourself. Powers of attorney can be general, allowing the person you have designated to do just about anything, or they can be limited to specific tasks you think your agent should be allowed to address. Powers of attorney should not be confused with medical powers of attorney, which deal exclusively with medical decisions.