-15-
as amended from time to time (or any other
corresponding provisions of succeeding law)6].
The LRFLP agreement stated as to each partner’s initial
contribution that
Simultaneously with the execution hereof, each of the
partners shall contribute property to the capital of
the Partnership, the value of which is set forth
opposite such Partner’s name in Exhibit A attached
hereto (the “Initial Contribution”). The Partners, in
exchange for their Initial Contributions to the capital
of the Partnership, shall receive the Partnership
Percentage set forth opposite their names in Exhibit
A.[7]
The LRFLP agreement stated that “decisions concerning the
management and control of the business affairs of the Partnership
and the investment of the property of the Partnership shall be
made solely by the General Partners” and that the general
partners of the LRFLP generally have the “sole discretion” to
make and time the distribution of funds from the LRFLP. The
LRFLP agreement required that
At all times during the continuance of the Partnership,
proper and true books of account on the cash receipts
and disbursements basis shall be kept in accordance
with generally accepted accounting principles wherein
shall be entered particulars of all monies, goods, or
6 This part of the LRFLP agreement did not contain a section
(a).
7 As stated above, exhibit A was not attached to the LRFLP
agreement when it was signed by decedent’s children. Exhibit A
stated that decedent’s son and the Ilene Field Trust would each
contribute $12,145.36 to the LRFLP in exchange for a .5-percent
general partnership interest and that the Lillie Investment Trust
would contribute $2,404,781.55 in exchange for a 99-percent
limited partnership interest.
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011