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To break up a Family Limited Partnership (FLP), the partners must follow the procedures outlined in the partnership agreement, which typically includes obtaining the consent of all partners. This may involve formally dissolving the partnership, distributing assets according to the agreement, and settling any outstanding liabilities. It’s advisable to consult with a legal or financial professional to ensure compliance with applicable laws and tax implications. Additionally, proper documentation of the dissolution process is essential to protect the interests of all parties involved.

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1mo ago

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