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The limited partnership provides the limited partners a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement. General Partners thus bear more economic risk than do limited partners, and in cases of financial loss, the GPs will be the ones which are personally liable.
Limited Partners have an economic interest in the FLP, but typically lack two noteworthy rights: control and marketability. Limited Partners have no ability to control, direct, or otherwise influence the operations of the FLP. They can neither buy additional assets, nor sell existing assets, and they cannot act on the Partnership's behalf.
The Partnership Act, 1932 nowhere mentions that the Partnership Agreement is to be in written or oral format. Thus the general rule of the Contract Act applies that the contract can be 'oral' or 'written' as long as it satisfies the basic conditions of being a contract i.e. the agreement between partners is legally enforceable.
A family limited partnership (FLP) is a complex structure that serves a strategic purpose for individuals desiring to manage and protect family assets, limit liability and potentially secure tax ...
The department provides oversight and services in partnership with the various 67 Florida county tax collectors for the issuance of driver licenses, the Florida drivers license handbook [6] registrations and titling of automobiles, trailers, boats, and mobile homes. Florida residents who are at least 15 years old can obtain a learner license ...
Here’s a look at several laws passed by the Florida Legislature in 2023 sessions. These rules take effect January 2024: Move Over drivers. The existing 2002 Move Over law is expanding ...
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