A Family Limited Partnership (FLP) is a limited partnership whose interests are owned by members of the same family. This structure can help reduce gift and estate taxes but comes with restrictions on ownership and transferability, unlike other ownership forms.
A minority discount is a reduction from the market value of an asset, reflecting the lack of control and influence that a minority interest owner has over the business operations. This discount adjusts the perceived value of ownership stakes that do not confer control.
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