family limited partnership
- family limited partnership
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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.
Gerald N. Hill, Kathleen Thompson Hill.
2009.
Look at other dictionaries:
Family Limited Partnership - FLP — A type of partnership designed to centralize family business or investment accounts. FLPs pool together a family s assets into one single family owned business partnership that family members own shares of. FLPs are frequently used as an estate… … Investment dictionary
Family Living Partnership — Family Limited Partnerships (commonly called FLPs) are frequently used to move wealth from one generation to another. Partners are either General Partners (GP) or Limited Partners (LP). One or more General Partners are responsible for managing… … Wikipedia
Limited partnership — Partnership Part ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster] 2. A division or sharing among partners; joint… … The Collaborative International Dictionary of English
Master limited partnership — (MLP) is a limited partnership that is publicly traded on a securities exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. Master Limited Partnerships are limited by US Code to only… … Wikipedia
partnership — part·ner·ship n: an association of two or more persons or entities that conduct a business for profit as co owners see also uniform partnership act in the important laws section compare corporation, joint venture, sole pro … Law dictionary
Partnership — Part ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster] 2. A division or sharing among partners; joint possession or… … The Collaborative International Dictionary of English
Partnership in commendam — Partnership Part ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster] 2. A division or sharing among partners; joint… … The Collaborative International Dictionary of English
Family therapy — Intervention ICD 9 CM 94.42 MeSH … Wikipedia
Limited liability company — This article is about a U.S. specific business entity form. For limited liability companies in the United Kingdom, see Limited company. For a general discussion of entities with limited liability, see Corporation … Wikipedia
Family office — A family office is a private company that manages investments and trusts for a single wealthy family.[1] The company s financial capital is the family s own wealth, often accumulated over many family generations. Traditional family offices… … Wikipedia
