Entrepreneurs who want to pass their businesses on to their children should consider forming a:

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A Family Limited Partnership (FLP) allows for the transfer of ownership and control of a business to family members while also providing asset protection and tax benefits. The senior entrepreneur can set up the partnership and transfer assets to it while retaining control with the general partnership interest. Limited partnership interests can then be gifted or sold to children or other family members, allowing them to benefit from the partnership's income but without having control over the business. This allows for a smooth transition of ownership and management of the business while also providing tax advantages, such as reducing estate and gift taxes.

Entrepreneurs Who Want to Pass Their Businesses on to Their