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LSDefine

Simple English definitions for legal terms

family limited partnership

Read a random definition: forum rei

A quick definition of family limited partnership:

A family limited partnership (FLP) is a way for families to start a business or plan their estate. It has general partners who manage the business and limited liability partners who only invest in the business. This allows some family members to run the business while others can still make money from it. FLPs can also be used to gift shares to family members in a tax-friendly way. However, FLPs can have liability issues and can only be used for investment and real estate assets.

A more thorough explanation:

A family limited partnership (FLP) is a type of legal entity that families can use to start a business together or to plan their estate. It is made up of general partners who manage the business and limited liability partners who only invest in the business. This structure allows certain family members to oversee the business while allowing others to benefit from the profits.

For example, a family may use an FLP to start a real estate business. The parents can be the general partners who manage the business, while the children can be the limited partners who invest in the business. This allows the parents to oversee the business while the children can benefit from the profits.

FLPs can also be used as a way to gift shares to other family members in a tax-efficient manner. For instance, a grandparent may gift shares of an FLP to their grandchildren, using the annual tax exclusion amount for each family member. This allows the grandparent to transfer wealth to their grandchildren without incurring gift tax.

However, FLPs can be problematic because they come with liability for the general partners and, in some cases, for the limited partners. Additionally, FLPs cannot be used to gift personal assets while maintaining the tax benefits, limiting their use to investment and real estate assets.

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Dkk
19:39
That is where the win condition lies.
i’m not sure i’d want to be hooking up with a girl in that friend group tho
babycat
19:40
I wish someone would see some good character in me if you get what I’m saying
lol babycat
19:42
For situations like this, it is who of an observer to reference the wisdom found: https://bloximages.chicago2.vip.townnews.com/dailyuw.com/content/tncms/assets/v3/editorial/6/c3/6c36eaf2-acbb-11ed-87db-5b046a8de321/63ec1313c6666.image.png sometimes, it is required to us relative judgment to make a 'pivot' to a better candidate. I lay odds this is what shaq did.
Dkk
19:43
@babycat: we see it here! Do not worry! And @wasp that may be true. People are usually a combo of their 5 closest friends. However, I have seen the opposite where a woman dates a guy great for her and breaks away from her group of hags. We will have to wait and see.
Dkk
19:44
@llama: that is some old knowledge. Arcane wisdom lol. https://youtu.be/pInk1rV2VEg
babycat
19:45
According to llama’s list I’m not wifey material
guys i’m so burnt out and finals are so close
19:45
@Dkk: as the sayin goes: nuthin' new under the sun' therefore, while yes it is old, it is nontheless applicable to todays toils.
Dkk
19:47
@Wasp burn yourself put hard for 48 hours and then reset. Do everything possible. Work out, drink, go to a $200+/person restaurant.
19:47
@KnowledgeableRitzyWasp: anytime i need to grind it out, I seek this: https://youtu.be/03cYOPQ9M5Q?t=166 for motivation. maybe it will help you as well?
Dkk
19:47
@babycat: What did I say about redheads too. Gotta be careful.
ooh that’s a good idea try to grind harder and then take targeted relaxation, that’s a good idea
19:49
@babycat: please note redheads are EXTREMELY high in both hot and crazy, plus add the rarity (most rare phenotype on earth). TLDR: do not underestimate redheads
Dkk
19:49
It is down going in a Nietzschien sense.
@llama: wtf did i just watch
19:51
@KnowledgeableRitzyWasp: egomaniac screaming (about to have a stroke) about not giving up. hope it helps!
babycat
19:51
I love when a Latina is redhead. Like damn bitch u really have it all
19:52
let me check the chart, let me check the chart- that is not readable! off the chart, HOUSTON WE HAVE A PROBLEM!
babycat
19:53
hahahaha
19:54
ok I gotta go, my time derailing the LSD general is over. sowwy! byeee
bye bye bestie
Dkk
19:54
Nah not in my case lol. It's cus you posted in general! That way you could tag me!
19:54
*good ridden!*
Dkk
19:54
Adios!
[] notacat
20:50
Do you guys know if the LSAdmit program is working on your end right now? It's not working on mine
20:53
Anyone here done the Cornell Kira? Was wondering if anyone had any tips 🙏
21:13
@KnowledgeableRitzyWasp: ^^ seeking corn-hell advice
21:15
@babycat: unrelated but every time I saw ur old handle i thought of this lyric: https://youtu.be/V90loMCyxa0?t=34
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