By: Martin M. Shenkman, CPA, MBA, JD
A legal contract permitting one party to use property owned by another, usually for the payment of periodic rent. A common use of partnerships, LLCs, and other arrangements, is to segregate valuable business assets (patent, trademark, real estate, equipment) in a separate entity, gift the interests in that entity to your heirs and have them lease (or license) the right to use the property back to the business.
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