How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Legal
Satisfied Customers: 55453
Experience:  Attorney with 29 years of experience.
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

Three of us own a partnership LLP because of other interests

Customer Question

Three of us own a partnership LLP because of other interests on the part of one of us and age considerations on behalf of the other two we'd like to gift the whole thing to a fourth party who is the present property manager. How can this or something similar be done?
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

So, just to clarify, you would be transferring your interests in the entity to someone for no consideration at all? And, how is this LLP currently owned...i.e., who is the GP, and what are the ownership percentage interests of the LP's?