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Glossary Definition
A charitable limited partnership (CLP) allows families to make charitable contributions to a qualified public charity by using gifts of an interest in a business. When a CLP is created, a general partner retains voting control of the entity while granting a much larger but non-controlling portion to limited partners. These non-controlling interests can be donated to charity for a deduction. When the underlying assets are sold, the charity still only retains the interests in the business, but the income will be primarily allocated to the charity, which will not be required to pay taxes.
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