Hera, her daughter Inez, and other members of their family wish to operate their family-owned farm as a business organization with pass-through tax status, limits to the personal liability of the participants, and the option to transfer real estate among those parties exempt from real estate taxes. The appropriate business organization for this enterprise is most likely

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A family limited liability partnership (FLLP) is designed for family businesses, such as a family-owned farm. FLLP provides pass-through tax status, gives members limited liability, and allows for the transfer of real estate among family members free from real estate taxes. It also allows for flexibility in management and ownership among family members. Limited liability partnership (LLP) and limited liability limited partnership (LLLP) are also good choices for businesses with multiple owners, but they may not have the same benefits as an FLLP for a family-owned business.

Hera, Her Daughter Inez, and Other Members of Their Family