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

  • 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.

  • 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.

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

  • Sunny Bajaj Trust, the Xxxxxx Xxxxx Trust, the Bajaj Family Limited Partnership, the Investors, the Xxxxxxxxxx Purchaser and certain other parties will acquire shares of Common Stock of the Company.

  • 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.

  • 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.

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

  • 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.
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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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Family Limited Partnership has the meaning set forth in Section 9.3.
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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 section 488.404, subsection 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 the Organizational Limited Partner (with respect to the Common Units and Subordinated Units received by it pursuant to Section 5.2), the General Partner (with respect to the Incentive Distribution Rights) 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 the Act.

  • 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 Second Amended and Restated Agreement of Limited Partnership of the Partnership dated as of March 9, 2004, as amended 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

  • Organizational Limited Partner means Xxxxx X. Xxxxxxx.

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

  • 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

  • Professional limited liability company means a limited

  • Original Limited Partner means the Limited Partners designated as “Original Limited Partners” on Exhibit A hereto.

  • Disqualified Partnership Any domestic entity classified as a partnership under the Code if any of its direct or indirect beneficial owners (other than through a U.S. corporation) are (or, under the applicable partnership agreement, are permitted to be) Disqualified Non-United States Tax Persons.

  • Family farm corporation means a corporation founded for the purpose of farming agricultural land in which the majority of the voting stock is held by and the majority of the stockholders are persons or the spouse of persons related to each other within the fourth degree of kinship, according to the rules of the civil law, and at least one of the related persons is residing on or actively operating the farm, and none of whose stockholders are a corporation. A family farm corporation does not cease to qualify under this division where, by reason of any devise, bequest, or the operation of the laws of descent or distribution, the ownership of shares of voting stock is transferred to another person, as long as that person is within the degree of kinship stipulated in this division.