Family Limited Partnership Problems

This is a discussion on Family Limited Partnership Problems within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; My father set up a FLP for his estate (which includes oil royalties). Once he died, my brother became the ...

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Old May 9th, 2008, 01:07 AM   #1
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Default Family Limited Partnership Problems

My father set up a FLP for his estate (which includes oil royalties). Once he died, my brother became the General Partner and has been making monthly payments to my siblings and me. He refuses to give us any information on the estate's finances and maintains that because he is the General Partner and we are only Limited Partners, the control of all finances belongs to him.

I want out of the Partnership. I want the oil companies to pay me directly -- Are there potential negative consequences to dissolving the Partnership? Is it possible for a Limited Partner to break away?

Thanks.
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Old May 11th, 2008, 11:54 AM   #2
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Default Re: Family Limited Partnership Problems

You should have a financial planner and tax professional at least briefly review it with you firstly.

You can demand an accounting of the partnership if you feel that all may not be correct. A court can even order it if need be.
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