Protected: FAMILY LIMITED PARTNERSHIP VALUATION DISCOUNTS
Posted: January 4th, 2010 by: admin comments: Comments Off
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A Family Limited Partnership (FLP) is a limited partnership that is organized under state law, whose partners are family members. A partnership is usually formed with one or both parents owning all or most of all the limited partnership interests and all or a portion of the general partnership interests. FLPs have a number of advantages. The non-tax reasons for doing a FLP are significant and important to support the legitimacy of the business entity if challenged by the IRS.
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