Business entities
Sole proprietorship, LLC (single- and multi-member), S-corp election, C-corp, partnerships. Liability, tax treatment, compliance burden.
Family Limited Partnership (FLP)
Attorney-required
A limited partnership where family members hold the limited interests and a general-partner entity (often a family LLC) runs the show. Used to hold and transfer business interests, marketable securities, and real estate at valuation discounts for lack of marketability and lack of control.
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Buy-sell agreement
Possible but risky
A contract among co-owners of a closely-held business dictating what happens to an owner's interest on death, disability, divorce, retirement, or sale. Funded with life insurance, buy-sell agreements keep family businesses in family hands and set a predictable estate-tax valuation.
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