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Family Limited Partnership

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Family limited partnerships (sometimes known as FLPs) are an increasingly popular succession planning alternative utilized by owners of family businesses who want to pass the establishment on to their children without being hit by heavy federal taxes. Neil Alexander, writing in Best's Review, described the family limited partnership as "a legal agreement that allows business owners and their children to address several tax, business-succession, and estate-planning needs all at once.

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Copyright © 2011 Advameg, Inc.