![]() ![]() You retain the general partnership interest, which may be as little as 1% of the assets. You then transfer limited partnership interests to your children. To establish an FLP, you transfer your ownership interests to a partnership in exchange for both general and limited partnership interests. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.Ī family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business. One of the biggest concerns for family business owners is succession planning - transferring ownership and control of the company to the next generation. ![]() An FLP Can Save Tax In A Family Business Succession ![]()
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