The Family Limited Partnership Agreement is a specialized legal document used in Australia to create a partnership structure that combines family wealth management with effective business succession planning. This agreement is particularly valuable when families seek to transfer wealth between generations while maintaining control over assets and minimizing tax implications. The document establishes a partnership where senior family members typically serve as general partners with management control, while other family members participate as limited partners with restricted liability and management rights. It includes comprehensive provisions for capital contributions, profit distribution, management responsibilities, transfer restrictions, and dispute resolution mechanisms. The agreement must comply with Australian partnership law, relevant state legislation, and tax regulations, making it essential for families with substantial business interests or investment portfolios seeking structured asset management and succession planning.
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1. Parties: Identifies all partners, distinguishing between general and limited partners, including their full legal names and addresses
2. Background: Sets out the context and purpose of establishing the family limited partnership, including the family's objectives
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Formation and Name: Establishes the partnership's name, effective date, and term of existence
5. Purpose and Powers: Defines the partnership's business purpose and scope of authorized activities
6. Capital Contributions: Details initial and subsequent capital contributions, including valuation methods and timing
7. Partnership Interests: Specifies the percentage interests held by each partner and classes of interests
8. Management and Control: Outlines management structure, voting rights, and decision-making processes
9. Rights and Obligations of Partners: Details partners' rights, duties, and limitations, particularly distinguishing between general and limited partners
10. Distributions and Allocations: Establishes how profits, losses, and cash flows are distributed among partners
11. Books, Records and Accounting: Specifies recordkeeping requirements and accounting methods
12. Transfer Restrictions: Sets out limitations on transferring partnership interests and right of first refusal provisions
13. Withdrawal and Removal: Procedures for partner withdrawal, removal, and associated consequences
14. Dissolution and Liquidation: Circumstances triggering dissolution and procedures for winding up
15. General Provisions: Standard legal provisions including notices, amendments, governing law, and severability
1. Buy-Sell Provisions: Detailed procedures for purchasing partnership interests upon triggering events - recommended when specific succession planning is desired
2. Family Employment Policy: Guidelines for employing family members in partnership operations - useful when the partnership operates an active business
3. Dispute Resolution: Specific procedures for resolving family and partnership disputes - recommended for larger family groups
4. Insurance Requirements: Provisions requiring life, disability, or key person insurance - important when significant assets or business operations are involved
5. Family Council: Establishes a family governance structure - beneficial for larger family partnerships with multiple generations
6. Intellectual Property Rights: Provisions dealing with IP ownership and usage - necessary when the partnership holds or develops IP
7. Environmental Compliance: Environmental obligations and compliance requirements - necessary when partnership holds real estate or operates in regulated industries
8. Foreign Investment Provisions: Provisions dealing with foreign investment regulations - required when partners include non-residents
1. Schedule A - Initial Capital Contributions: Detailed list of all initial capital contributions, including valuations and dates
2. Schedule B - Partnership Interests: Current ownership percentages and classes of partnership interests
3. Schedule C - Asset Register: Comprehensive list of partnership assets and their current values
4. Schedule D - Authorized Signatories: List of partners and others authorized to sign on behalf of the partnership
5. Schedule E - Management Structure: Detailed organizational chart and management responsibilities
6. Appendix 1 - Valuation Methods: Agreed methods for valuing partnership interests and assets
7. Appendix 2 - Distribution Policy: Detailed policy for determining and making partner distributions
8. Appendix 3 - Family Constitution: Family governance principles and values guiding the partnership
Relevant legal definitions
Clauses
Relevant Industries
Agriculture and Farming
Real Estate and Property Development
Professional Services
Retail and Hospitality
Manufacturing
Investment and Wealth Management
Family Office Services
Construction
Healthcare Services
Mining and Resources
Relevant Teams
Legal
Tax Advisory
Wealth Management
Corporate Finance
Family Office
Estate Planning
Business Advisory
Governance
Risk Management
Compliance
Relevant Roles
Family Office Manager
General Counsel
Tax Partner
Estate Planning Attorney
Wealth Manager
Family Business Advisor
Corporate Lawyer
Partnership Administrator
Chief Financial Officer
Business Succession Planner
Family Business Consultant
Private Client Advisor
Trust Officer
Asset Manager
Family Governance Specialist
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