Limited Government: Definition, Principles, and Why It Matters
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Key terms
- Family Limited PartnershipA business entity formed among family members to hold and manage family assets such as investments, real estate, or a family business, with the goal of facilitating wealth transfer at reduced gift and estate tax costs. The senior generation typically serves as general partners with management control, while younger family members are limited partners who receive ownership interests. Transferring limited partnership interests at a discount can be an effective way to pass wealth to the next generation while minimizing estate and gift taxes.
- LLC (Limited Liability Company)A business structure that combines the liability protection of a corporation with the tax flexibility and operational simplicity of a partnership. LLC owners, called members, are generally not personally responsible for the company's debts and liabilities, meaning their personal assets are protected. LLCs can choose how they want to be taxed, either as a sole proprietorship, partnership, S-corp, or C-corp, making them one of the most versatile business structures available.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
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