In Estate of Harper, TC Memo 2002-121, the Tax Court ruled that a limited partnership formed by a decedent and funded with a majority of his assets was defective; thus, the property was includible in his estate.
What does LP stand for?
LP stands for Limited Partnership (legal business entity)
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of LP
We have 111 other meanings of LP in our Acronym Attic
- Life Partner
- Life Points (Yu-Gi-Oh! game)
- Life Policy (insurance)
- Life Profile
- Light Patrol
- Light Peak
- Light Pole
- Lighting Panel
- Lightning Protection
- Limited Partner (IRB)
Samples in periodicals archive:
Although very limited exceptions to this rule exist for entities such as estates and trusts, they do not address whether a limited partnership or a limited liability company (LLC) can be an owner.
The perceived advantage of an LLC over a limited partnership is that, in a limited partnership, the general partner does not receive protection from liabilities.
One currently popular vehicle is the family limited partnership (FLP).