To avoid the adverse tax result of Hacki, FLP agreements should require annual distributions, provide limited partners with the ability to sell their interest without the consent of the general partner
and allow the partnership's liquidation only pursuant to state law.
It may send a negative message to our full-time general partners
, employees, clients, referral sources and the general public that the profession does not require the full-time effort, commitment and dedication of a partner.
Ira Ehrenpreis, General Partner
of Technology Partners
Rather than convert his general partner
interest to a limited partner interest, Dick decides he and Doug should simply exchange their partnership interests.
Sam Starr, CPA, who is a tax partner in the national tax office of Coopers & Lybrand in Washington, said that a creditor of the entity, after exhausting all of the partnership's assets, can go after the personal assets of a General Partner
Material participation may depend on whether the member is treated as a limited or general partner
The complaint names as defendants the general partners
of 17 public limited partnerships sponsored by Shurgard Incorporated, and 15 of those limited partnerships designated as Shurgard 3 through Shurgard 18.
Independent of the preferential distribution and subject to the business's reasonable needs, as general partners
the parents can decide whether they want to make distributions on the general partner
and nonpreferential limited partnership interests (keeping in mind that a general partner
has a fiduciary duty to act in the best interests of all partners).
Faced with a September maturity deadline to refinance its mortgage debt, the partnership's general partner
commenced its efforts in January of this year.
Although TEPPCO and its general partner
believe that such expectations reflected in such forward-looking statements are reasonable, neither TEPPCO nor its general partner
can give assurances that such expectations will prove to be correct.
6231(a)(7)-2(a) provides that a "member-manager" of an LLC is treated as a general partner
; a member of an LLC who is not a member-manager is treated as a partner other than a general partner
Management believes that the principal factor in the failure of the OTS to approve the pending merger application is the OTS's desire to resolve certain regulatory issues arising out of the removal of the Partnership's former general partner
in May 1992.