WORLD Law Direct Forums  





Go Back   WORLD Law Direct Forums > Business & Finance Law > Business Contracts & Partnerships
REGISTER FAQ SEARCH Today's Posts Mark Forums Read
Personal Lawyer Legal Forms Calendar

Business Contracts & Partnerships Oral and written contracts, corporate partnership, partnership agreements, transactions, disputes, litigation, etc.

Family Limited Partnership Problems

Consult Your Own Personal Lawyer Now!
Reply
AddThis Feed Button AddThis Social Bookmark Button
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 05-09-2008, 01:07 AM     #1
Unregistered
 
Unregistered's Avatar
 
Posts: n/a

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.
  Reply With Quote
Old 05-11-2008, 11:54 AM     #2
Top Level Member
 
annjd's Avatar
 
Last Online:
09-09-2008 09:59 PM
Join Date: May 2007
Posts: 691

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.
annjd is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Add Forum to Google Toolbar | Format Your Messages

Posting Rules

Similar Threads
Thread Thread Starter Forum Replies Last Post
limited partnership n. a special type of partnership which is very common when people Unregistered Business Contracts & Partnerships 0 07-23-2008 12:22 AM
Family problems Unregistered Other Family Law Matters 5 05-07-2008 12:10 AM
Problems with Family Court Commisioner bechahn Child Custody & Support 1 02-27-2008 09:27 AM
Does contract describe a general or limited partnership? Unregistered Business Contracts & Partnerships 4 02-23-2008 09:18 PM
Family Limited Partnership vs. General Partnership Innocent Bystander Business Contracts & Partnerships 1 12-06-2007 01:15 PM


All times are GMT -4. The time now is 03:53 AM.


Powered by U.S. Legal Forms

Subscribe

Use of the Forums is subject to our Disclaimer which prohibits unapproved advertisements, solicitations or other commercial messages, and false, harassing or abusive statements. All postings reflect the views of the author but become the property of WORLD Law Direct.

Questions and information submitted in the Forums are assumed inquiries for general information and not legal advice.

Copyright 2000-2008 by WORLDLawDirect.com, Inc.