Family Law Questions? Ask a Family Lawyer Online.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Please understand that no expert on this site may actually represent anyone from this site, it is forbidden by state law. We are allowed to provide information only to customers.
If that is sufficient for you, please tell us what the FP states about dissolution of the partnership?
Thank you for your reply.
Taxes are due on all income to the FP. A grant is considered income. Thus, the partners are liable for taxes on that as income. If the partners are not getting income from the trust, then it sounds like your president is possibly breaching his fiduciary duty to the partnership and could be removed by the court for breach of that duty. It would mean you would have to get an attorney to sue for his removal based on his mismanagement and breach of duty to the trust and that would be the only way you could get control back and then seek to sell off the property to wind down the partnership.