family limited partnership

family limited partnership definition - business

family limited partnership

A limited partnership restricted to family members, generally with parents as general partners who retain full control over assets that have been contributed to and are held by the partnership. These partnerships are designed to reduce estate and gift taxes, and at the same time they permit parents to continue to control the assets until their death.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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