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Other Business Entities

Many other types of Entities may be considered in your Planning

• Family Limited Partnership or Family Limited Liability Company: These entities are commonly utilized to transfer/gift interests in family businesses or assets from one family member to another while maintaining centralized management (parents) as the manager or general partner. In some cases the interest can be gravely discounted compared to the underlying assets being transferred allowing for better use of your unified credit or annual exclusion.

• Limited Liability Partnership: Typically for Professions, such as accountants, and lawyers, doctors, engineers etc. This entity is utilized to protect individual partners from personal liability for negligent acts committed by other partners and employees not under their direct control.

• Professional Corporation: This entity can also be used by the above professionals. There are provisions regulating the use of a corporation by licensed professionals. You might see a Medical Practice organized as a Partnership, with several Professional Corporations owned by each doctor.

• Non-Profit Corporation 501(c)(3): To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.

• Limited Liability Limited Partnership: Some states do not have LLLP statues so we can consider a Limited Liability Partnership, or the traditional Limited Partnership. The main reason individuals choose this over a traditional Limited Partnership is the General Partners can greater limit their liability.

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