QUESTION
I am a Limited Partner in a LP formed when I was a Minor. I want to withdraw myself but was refused a copy of LP agreement. Any suggestions?
Asked on Mar 25th, 2012 on Business Law - Washington
More details to this question:
The LP was formed 15 years ago when I was a Minor but now that I am an adult with a Family and Plans of my own I want to withdraw myself and be done with it. The GP is my Father and he has never produced any information to me regarding the business of the GP when I have requested it. I recently asked for a copy of the Partnership agreement as I know that there should be verbage that states how a LP can withdraw from the partnership. He refused and was even quite pissed off when I requested it. I wanted to know how I may be able to either obtain the Partnership agreement and / or withdraw myself without it. I do have an investment in the partnership from my late grandmothers inheritance and would also like to be able to get that when I withdraw. Any help would be great. Thanks. The state of formation is washington state.
1 ANSWER
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Limited partners of a limited partnership generally have the right to inspect corporate books and records. This right can be enforced through a lawsuit. If you want to hire an attorney and make a demand, followed by a lawsuit, to compel production of the records, you can do so. It is difficult to understand why you would insist on doing so. The arrangements to which you refer are quite commonly used as a means of passing wealth on to a later generation. The GP normally controls the assets during his lifetime and very frequently provides only very basic information to the LPs. Since being a LP provides you with only benefits and no obligations, it is difficult to understand why you would want to shoot yourself in the foot by getting into a fight with your father.
Answered on Apr 04th, 2012 at 3:31 PM