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Each general partner is deemed the agent of the partnership. Therefore, if that partner is apparently carrying on partnership business, all general partners can be held out as partners for his dealings with third persons. By default a partnership will terminate upon the death, disability, or even withdrawal of any one partner.
General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the partnership's debts and obligations.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Within partnership arrangements, Family Limited Partnerships (commonly called FLPs) are frequently used to move wealth from one generation to another. Partners are either General Partners (GP) or Limited Partners (LP). One or more General Partners are responsible for managing the FLP and its assets.
This is the essence of a real estate partnership, a legal entity that is created to finance projects, divide risks and capitalize on the strengths and expertise of each partner. If you’re ...
A real estate limited partnership (RELP) is a specialized investment structure comprising general partners responsible for actively managing a property, and limited partners or passive investors ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership. As in a general ...