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.

Family Limited Partnership shall have the meaning given to it in Section 11.1 of this Operating Agreement.

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 interest to chosen heirs, either outright or in trust. This transfer is a taxable gift. The 1% general partnership interest is retained. Like the recapitalization described above, the gift tax value of the transfer of the limited partnership interest should be subject to a discount for "minority” and “lack of marketability.”

Examples of Family Limited Partnership in a sentence

• 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.

• Notwithstanding the generality of the foregoing, in the case of The XxXxxx Family Limited Partnership, the terms of this Section 1 shall apply only to that percentage of the Shares owned by the partnership that represent ownership interests other than the limited partnership interest of Xxxxxxxxxxx X.

• Brown, in his capacity as General Partner of the Ken-Wen Family Limited Partnership, Wendy Brown, and RBC Centura Bank.

• Mr. Klein asked for minutes of open and closed meetings of the Inner Arbor Trust.

• The name of the Partnership is Teebank Family Limited Partnership or such other name selected by the General Partners as may be permitted by law.

• The Tanger family, through its ownership of the Tanger Family Limited Partnership holds the remaining units as a limited partner.

• EIIC entered into a farmout agreement (“EIIC/RA Farmout Agreement”) with two private companies (“RA/CMR”) to farmin to 5,576 gross acres (net 4,915 acres) which had been leased by RA/CMR from: (a) Cinco 1994 Family Limited Partnership Ltd.

• Such actions could include the election of directors, the payment of dividends, securities and regulatory filings, the use of shares of Republic Bancorp as collateral, the contribution of securities to other entities, the distribution of shares from Teebank Family Limited Partnership and/or Jaytee Properties Limited Partnership, or the sale of shares.

• The General Partnership Voting Committee may at any time by giving written notice to the Trustees of the trusts owning the general partnership units of Teebank Family Limited Partnership and Jaytee Properties Limited Partnership replace the Tiebreaker with an individual over the age of 30 at such time, and will do so within 45 days of the death or disability of the Tiebreaker.

• See Eure Family Limited Partnership, 17 FCC Rcd 21861, 21863-21864 (2002); Triad Broadcasting Company, Inc., 96 FCC 2d 1235, 1244 (1984).

More Definitions of Family Limited Partnership

Family Limited Partnership. A limited partnership controlled by members of a family.

Family Limited Partnership has the meaning set forth in Section 9.3.

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.