Uniform Limited Partnership Act (1916) Section 19:

Assignment of Limited Partner’s Interest, and Section 22: Rights of Creditors of Limited Partner .

Uniform Limited Partnership Act (1916) Section 19: Assignment of Limited Partner’s Interest, and Section 22: Rights of Creditors of Limited Partner.

Uniform Limited Partnership Act (1916)

Section 19: Assignment of Limited Partner’s Interest

(1) A limited partner’s interest is assignable.

(2) A substituted limited partner is a person admitted to all the rights of a limited partner who has died or has assigned his interest in a partnership.

(3) An assignee, who does not become a substituted limited partner, has no

right to require any information or account of the partnership transactions or

to inspect the partnership books; he is only entitled to receive the share of the profits or other compensation by way of income, or the return of his contribution, to which his assignor would otherwise be entitled.

(4) An assignee shall have the right to become a substituted limited partner if all the members (except the assignor) consent thereto or if the assignor, being thereunto empowered by the certificate, gives the assignee that right.

(5) An assignee becomes a substituted limited partner when the certificate is

appropriately amended in accordance with Section 25.

(6) The substituted limited partner has all the rights and powers and is

subject to all the restrictions and liabilities of his assignor, except those

liabilities of which he was ignorant at the time he became a limited partner and

which could not be ascertained from the certificate.

(7) The substitution of the assignee as a limited partner does not release

the assignor from liability to the partnership under Sections 6 and 17.

Uniform Limited Partnership Act (1916)

Section 22: Rights of Creditors of Limited Partner

(1) On due application to a court of competent jurisdiction by any judgment creditor of a limited partner, the court may charge the interest of the indebted limited partner with payment of the unsatisfied amount of the judgment debt; and may appoint a receiver, and make all other orders, directions, and inquiries which the circumstances of the case may require.

(2 )The interest may be redeemed with the separate property of any general partner, but may not be redeemed with partnership property.

(3) The remedies conferred by paragraph (I) shall not be deemed exclusive of others which may exist.

(4) Nothing in this act shall be held to deprive a limited partner of his

statutory exemption.

* The above material was authored by the National Conference of Commissioners on State Laws and is reprinted from Uniform Laws Annotated, WESTLAW, Copyright 1993 by West Publishing Company.

flp

Family Limited Partnerships


  • The origin of Family Limited Partnerships (FLPs)

  • How Family Limited Partnerships (FLPs) work

  • Family Limited Partnership Review
  • Issues about asset protection
  • Family limited partnerships – Charging order protection
  • Future creditors and fraudulent transfers

  • Charging Order Protection
  • Uniform Limited Partnership Act – Section19
  • Family Limited Partnerships and the benefits of leverage
  • Family Limited Partnership (FLP) frequently asked questions
  • Family Limited Partnerships (FLPs) and creditor protection
  • Family Limited Partnerships (FLPs): keeping the family business in the family
  • The differences between Family Limited Partnerships and General Partnerships
  • Family Limited Partnerships and Family Limited Liability Companies work well
  • Family Limited Partnerships and IRS scrutiny
  • Building wealth with a Family Limited Partnership
  • Carefully planned Family Limited Partnerships can avoid IRS scrutiny
  • Court decision could affect Family Limited Partnerships
  • Family Limited Partnership structures
  • Defects in Family Limited Partnerships – Part One
  • Defects in Family Limited Partnerships – Part Two
  • Defects in Family Limited Partnerships – Part Three
  • Properly structuring a Family Limited Partnership (FLP) – Part One
  • Properly structuring a Family Limited Partnership – Part Two
  • Properly structuring a Family Limited Partnership – Part Three
  • Using Family Limited Partnerships for planning estates
  • Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs)
  • What are Family Limited Partnerships (FLPs)?
  • Is a Family Limited Partnership (FLP) good estate planning?
  • Maintenance List for Family Limited Partnerships – Part One
  • Maintenance List for Family Limited Partnerships – Part Two
  • Maintenance List for Family Limited Partnerships -Part Three
  • Is a Family Limited Partnership (FLP) a good Estate Planning tool?
  • The attraction of Family Limited Partnerships (FLPs)
  • When Family Limited Partnerships are suitable
  • Family Limited Partnership Review
  • The uses and benefits of Family Limited Partnerships (FLPs)
  • More frequently asked questions about Family Limited Partnerships (FLPs) – Part One
  • More frequently asked questions about Family Limited Partnerships (FLPs) – Part Two
  • More frequently asekd questions about Family Limited Partnerships (FLPs) – Part Three
  • More frequently asked questions about Family Limited Partnerships (FLPs) – Part Four
  • More frequently asked questions about Family Limited Partnerships (FLPs) – Part Five
  • Family Limited Partnerships – an overview
  • Family Limited Partnerships (FLPs) attract IRS investigations
  • Family Limited Partnership “Do’s and Don’ts”
  • Family Limited Partnerships facing increased scrutiny by the IRS

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