family limited partnership
A type of partnership comprising only related family members, usually created by parents in order to pass on a family business or investments to their childern. It provides significant federal gift and estate tax benefits because members of a family limited partnership (sometimes referred to as a FLP—pronounced "flip") own shares in the partnership which can be transferred between generations at lower tax rates.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

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