The court went on to note that, to determine whether an individual held a general partnership interest as well as a
limited partnership interest (for purposes of Temp.
"The need to pigeonhole the ownership interests as either general partner interests or limited partner interests arises in the first instance from the fiction of treating an LLP or an LLC as a '
limited partnership" under Regs.
* Limited Liability
Limited Partnership ("LLLP") Remains Preferred Form of
Limited Partnership.
The vendor was represented by King Sturge and the Ashtenne Industrial Fund
Limited Partnership was represented by Cooke and Arkwright.
The new legislative position is that the section "Recommends the adoption of the new Uniform
Limited Partnership Act as approved by the National Conference of Commissioners on Uniform State Laws (NCCUSL) subject to such modifications as recommended to conform certain features to existing state law."
The sale of
limited partnership interests also provides project equity, which is used to reduce the amount of debt to be financed.
The
limited partnership bought The Pines Apartments at 5813 Base Line Road for $3.85 million ($14,961 per unit) in November 1992 from another Dallas-based group, National Operating
Limited Partnership.
In this issue, we look at a special type of partnership arrangement known as a
limited partnership. A
limited partnership is special because, unlike a general partnership, a
limited partnership grants limited liability to a certain class of partners.
Specifically, a gift of a
limited partnership interest would entitle the transferor to the $10,000 annual gift tax exclusion.