We have attorneys who are LLP and we don’t have any resolutions for LLP’s only LLC’s. It is Limited Liability Partnership. What are the right documents to use in opening this type of account?

Your documentation needs do not vary appreciably between a "limited" and a "general" partnership. You still need a resolution to establish the signatories' authority. It would be of the same type of resolution you use for a general partnership. The one thing that is different is that it is easier to verify the existence of a limited partnership - they must register with the state.

I have been asked about Family Limited Partnerships and don't have any knowledge of same. Is this something new and if so do you have any information on a Family Limited Partnership and if not where can I find the information? It seems like all of a sudden I am being confronted with new items and desperately need some help. Is this a type of account that the banks offer and if so, I need to know what steps are needed to take when opening and what documents we need to open. Please let me know as soon as your schedule permits.

As always, your help is greatly appreciated. Thank you.

A family limited partnership is really just a limited partnership from the bank's view. Family limited partnerships are used as an estate planning method but they are limited partnerships with one or more general partners and one or more limited partners.

Patricia is correct, in terms of the documentation the bank might require, it's just another limited partnership. The "limited" partners do not actively participate in the day to day operation of the business. The "Family" adjective merely indicates that one major purpose of the partnership is estate planning.

If you want additional information for your own purposes, just do a Google search on "Family Limited Patnership" and you will get several thousand hits.

I'm reviving this thread because it answers some of my questions but leaves me with others.....

1. Does an account titled in the Family Limited Partnership receive protection under the consumer Regs - such as Reg E and Reg CC?

2. Are these accounts typically opened as a business product or personal product?

Thank you in advance for your help!

It is interesting that you resurrected this oooold thread. This is not an answer to your question but a response to the first question.
There is a big difference between LP's, LLP's and a General Partnership. Though LP's and LLP's are both registered organizations, they are not similar except when a jurisdiction allows an LLLP which is a LP that files a certificate of authority as an LLP.

Again, as Patricia said, in terms of the documentation your bank might require for a deposit account, it's just another limited partnership and is classified as a business account. As for the application of any consumer protection laws, you must look to the scope of each regulation; e.g. regulation CC applies to business accounts, but Regulation E does not.