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Family Limited Partnership


Edsel

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FLP sold some timber.  Partner "A" took the money for personal use.  Partners B and C were not distributed any money although they have a percentage as well.

Question:  Did Partner A violated any rules, or can the shortage be distributed in Partners B and C in future years?

 

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I don't know the answer to your question, but I would follow Lion's advice.   

Whenever one of my clients tells me they want to start a partnership with family members, or a FLP, I give them this advice:

What ship doesn't float?  A family partner SHIP.

I hate these things because it never comes down to the business.   It is always about the family, and I don't get paid enough to be a therapist.   

Tom
Modesto, CA

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