family limited partnership

Definition of "family limited partnership"
  1. A partnership involving only family members, typically established by parents to transfer a family business or investments to their children, offering significant federal tax benefits
How to use "family limited partnership" in a sentence
  1. To ensure smooth transition and maintain the family legacy, they formed a family limited partnership.
  2. The family limited partnership allowed them to transfer shares among generations at lowered tax rates.
  3. By establishing a family limited partnership, the parents secured their children's financial future.

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