Family Limited Partnership definition

Family Limited Partnership means, with respect to any individual, any limited partnership created for the sole benefit of one or more of such individual’s Related Persons and controlled by such individual.
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Family Limited Partnership is a means of transferring property to heirs which attempts to take advantage of the discounts due to "minority” and “lack of marketability,” by first transferring assets, sometimes non-business property, to a limited partnership. Under the FLP, a limited partnership is first created. As a next step, the assets are transferred to the FLP by a senior family member, in exchange for a 1% general partnership interest and a 99% limited partnership interest in the FLP. By design, the general partnership interest is entitled to 1% of the cash distributions from the FLP, 1% of the net proceeds in liquidation, and, by law, all of the management control. The limited partnership interest is entitled to 99% of the cash distribution from the partnership, 99% of the net proceeds in liquidation, but by law none of the management control. For the next step, the senior family member transfers the 99% limited partnership
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Family Limited Partnership. (the "Partnership"). Notwithstanding any provisions of this Voting Trust to the contrary, no Shares shall be held in trust for longer than twenty-one (21) years after the date of death of the last to die of a group consisting of (i) Xx. Xxxxxx, and (ii) all his descendants who are living at the date of his death. If, at the expiration of such period, any Shares are still held in trust hereunder, or any trust estate hereunder has not terminated, the corpus of such trust shall vest in and immediately be distributed to the Beneficiaries, in accordance with the number of Shares represented by their respective voting trust certificates.
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Examples of Family Limited Partnership in a sentence

  • Cynthia Croatti is also a trustee to and beneficiary of two trusts which hold approximately 25% of the limited partnership interests in The Croatti Family Limited Partnership.

  • Ronald Croatti is also a trustee to and a beneficiary of two trusts which hold approximately 25% of the limited partnership interests in The Croatti Family Limited Partnership.

  • Marie Croatti is a trustee to all of the trusts holding 100% of the limited partnership interests in The Croatti Family Limited Partnership.

  • These shares were owned directly by The Croatti Family Limited Partnership, a ten percent owner of the issuer, and indirectly by each of Croatti Management Associates, Inc.

  • Tanger & Company, the Tanger Family Limited Partnership, the Operating Partnership and the Company.

  • Collectively, unless stated otherwise, RaPower, IAS, LTB1, and all subsidiaries and affiliated entities are referred to herein as “ Receivership Entities.” The subsidiaries and affiliated entities are: Solco I, LLC (“Solco”); XSun Energy, LLC (“XSun”); Cobblestone Centre, LC (“Cobblestone”); LTB O&M, LLC; U-Check, Inc.; DCL16BLT, Inc.; DCL- 16A, Inc.; N.P. Johnson Family Limited Partnership (“NPJFLP”); Solstice Enterprises, Inc.

  • Registration Rights Agreement among the Company, the Tanger Family Limited Partnership and Stanley K.

  • XxXxxx, General Partner 2,000,000 Class B Shares The 1999 XxXxxx Family Limited Partnership Public Flowers, Inc., General Partner 3,875,000 Class B Shares SCHEDULE B STOCKHOLDERS Xxxx XxXxxx 2005 Trust Xxx Xxx Xxxxxxx Xxxx, Xxxxx 000 Xxxxx Xxxxx, NY 11514 Xxxxx XxXxxx 2005 Trust Xxx Xxx Xxxxxxx Xxxx, Xxxxx 000 Xxxxx Xxxxx, NY 11514 Xxxxxxx XxXxxx 2005 Trust Xxx Xxx Xxxxxxx Xxxx, Xxxxx 000 Xxxxx Xxxxx, NY 11514 The Xxxxx X.

  • The Sanghi Trust is the sole member of the Sanghi LLC which is the sole general partner of the Family Limited Partnership.

  • Notwithstanding the generality of the foregoing, no such notice shall be required in the case of a transfer by The XxXxxx Family Limited Partnership to Xxxxxxxxxxx X.


More Definitions of Family Limited Partnership

Family Limited Partnership has the meaning set forth in Section 9.3.
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Family Limited Partnership shall have the meaning given to it in Section 11.1 of this Operating Agreement.
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Related to Family Limited Partnership

  • Foreign limited liability limited partnership means a foreign limited partnership whose general partners have limited liability for the obligations of the foreign limited partnership under a provision similar to RCW 25.10.401(3).

  • Foreign limited partnership means a partnership formed under laws other than of this state and having as partners one or more general partners and one or more limited partners.

  • Investor Limited Partner means any Limited Partner so designated at the time of its admission as a partner of the Partnership.

  • Limited partnership means a limited partnership registered or formed under any law in force in Singapore or elsewhere;

  • General partnership means an organization formed under chapters 45-13 through 45-21.

  • Class B Limited Partner means any Person executing (by power of attorney or otherwise) this Agreement as of the date hereof as a Class B Limited Partner or hereafter admitted to the Partnership as a Class B Limited Partner as herein provided, but shall not include any Person who has ceased to be a Class B Limited Partner in the Partnership.

  • Initial Limited Partners means Teekay Corporation and the General Partner (with respect to the Incentive Distribution Rights received by it pursuant to Section 5.1(b)), and the Underwriters, in each case upon being admitted to the Partnership in accordance with Section 10.1.

  • Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act.

  • Class A Limited Partner means EPCO Holdings, Inc., a Delaware corporation, and its successors and assigns.

  • Special Limited Partner means WNC Housing, L.P., a California limited partnership, and such other Persons as are admitted to the Partnership as additional or substitute Special Limited Partners pursuant to this Agreement.

  • Substituted Limited Partner means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4.

  • Limited liability partnership or “LLP” shall mean a Company governed by Limited Liability Partnership Act 2008 or as amended;

  • Foreign limited liability partnership means a partnership that:

  • Limited Partnership Agreement means the Amended and Restated Agreement of Limited Partnership of the Partnership dated as of March 1, 2017, as amended, supplemented or restated from time to time.

  • Single member limited liability company means a limited liability company that has one direct member.

  • Initial Limited Partner has the meaning set forth in the Preamble.

  • Member-managed limited liability company means a limited liability company that is not a manager-managed limited liability company.

  • Manager-managed limited liability company means a limited liability company that is managed by

  • Family home means the primary residence for a child that is not under contract with the Department to provide services as a certified foster home or a licensed or certified residential care facility, assisted living facility, nursing facility, or other residential setting.

  • Domestic limited liability company means an entity that is an unincorporated association having one or more members and that is organized under ORS chapter 63.

  • Organizational Limited Partner means Teekay Corporation in its capacity as the organizational limited partner of the Partnership pursuant to this Agreement.

  • Substitute Limited Partner means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof.

  • General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest.

  • Domestic partnership means an association of two or more persons to carry on as co-owners a

  • Public-private partnership means an arrangement or agreement, occurring on or after January 1, 2017, between a procurement unit and one or more contractors to provide for a public need through the development or operation of a project in which the contractor or

  • Family or household members means spouses, domestic partners, former spouses, former domestic partners, persons who have a child in common regardless of whether they have been married or have lived together at any time, adult persons related by blood or marriage, adult persons who are presently residing together or who have resided together in the past, persons sixteen years of age or older who are presently residing together or who have resided together in the past and who have or have had a dating relationship, persons sixteen years of age or older with whom a person sixteen years of age or older has or has had a dating relationship, and persons who have a biological or legal parent-child relationship, including stepparents and stepchildren and grandparents and grandchildren.