Industries We Serve

Closely Held Businesses & Family Limited Partnerships

Closely Held Businesses

Closely held businesses and their owners benefit from Topel Forman’s extensive tax and accounting experience tailored to the needs of a wide range of industries, entity types, and business structures. Our professionals help you understand the tax ramifications of transactions throughout the business lifecycle, providing informed consultation for business formation or purchase, business build-out, sale, and liquidation.

For flow-through entities, we understand your concerns about how income will be taxed at the individual level. We offer a hands-on approach to maximize tax deductions resulting in more cash available to run the business. Tax laws are always changing, so we provide you with confidence that you will continue to remain in compliance. We can also help you with family business accounting services ranging from setting up books, to streamlining your accounting, to reviewing your internal financials.

We strive to help our business-owner clients spend less time dealing with tax and accounting matters and more time creating business value.

Family Limited Partnerships

Family limited partnerships offer various income tax, estate tax, and family planning opportunities. Topel Forman develops long-term relationships with families and private business owners to help them navigate issues regarding the creation, organization, and operation of their family limited partnership while assisting them in maximizing sophisticated planning opportunities.

Family limited partnerships are a valuable estate planning tool that can significantly reduce taxes on wealth transfer by shifting income to lower tax brackets, providing valuation discounts, and maximizing asset growth outside of senior family members’ estate. In addition, family limited partnerships can help parents manage financial responsibility on behalf of their children while encouraging greater family participation in wealth and estate planning decisions.

Establishing a family limited partnership requires substantial legal and tax counsel. We work closely with your estate attorney and other advisors to understand your needs, goals, and planning opportunities. We have technical experience with both newly formed and mature family limited partnerships and can help family members of each generation understand their roles and responsibilities.

Our work with closely held businesses and family limited partnerships offers advantages beyond our comprehensive tax and private accounting services. We help free you to do what you do best to build wealth while ensuring that you and your loved ones enjoy the advantages you’ve earned.

Let’s get to work building your future – today and for generations to come.

Talk to an Adviser

Thomas Drennan


William J. Runowski


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