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scholarship.law.marquette.edu/cgi/viewcontent.cgi?article=1104&context=elders

The Smith family owns a hardware store. The store has been in the family for three generations. The parents are in their fifties and are considering retiring in the next ten years and want to pass the business on to their children. They have two children: a son and a daughter. Both children are in their twenties. Neither child is ...

smallbusiness.chron.com/definition-family-limited-partnership-3107.html

If you want to transfer business assets or a company to your heirs, forming a Family Limited Partnership (FLP) reduces your tax burden. The Internal Revenue Service generally disagrees with the idea of an FLP and has a strict set of rules you must follow to reap the benefits of this business entity, according to the IRS ...