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I am an executor and beneficiary of a deceased estate. One of the gifts of the estate is an operative business gifted in equal parts to five beneficiaries of which I am one. There is mistrust within the group and a number of people are not keen on forming a general partnership. It has been suggested that a Pty Ltd company, which has already been formed and of which we are all shareholders in the same % as the business inheritance, be given the job of being a General Partner of a limited partnership. The Co would be ran by appointed directors. It would limit the liability to the investment partners. Can the Pty Ltd Co be the general partner but not hold any % of the partnership. It's return for being a Perth-Geraldton, if allowed, being a management fee paid by the general partnership. … read more
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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