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Family Limited Partnership Agreement

Family Limited Partnership Agreement Template for Australia

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Key Requirements PROMPT example:

Family Limited Partnership Agreement

"Need a Family Limited Partnership Agreement for our third-generation farming business in Western Australia, with one general partner (family patriarch) and five limited partners (adult children), including specific provisions for sustainable farming practices and succession planning to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Accounting Period
Additional Capital Contribution
Adjusted Capital Account
Affiliate
Agreement
Annual Budget
Authorized Representative
Available Cash Flow
Business
Business Day
Capital Account
Capital Contribution
Cause
Change of Control
Commencement Date
Confidential Information
Control
Default Event
Defaulting Partner
Distribution
Effective Date
Eligible Family Member
Encumbrance
Family Council
Family Group
Financial Year
General Partner
Initial Capital Contribution
Insolvency Event
Limited Partner
Management Committee
Net Income
Net Loss
Non-Defaulting Partner
Partnership
Partnership Assets
Partnership Interest
Partnership Property
Permitted Transfer
Qualifying Family Member
Related Body Corporate
Related Party
Required Consent
Security Interest
Subscription Amount
Transfer
Transferee
Transferor
Valuation Date
Withdrawal Event
Withdrawal Notice
Clauses
Formation
Partnership Interests
Capital Contributions
Management Rights
Voting Rights
Distribution of Profits
Allocation of Losses
Transfer Restrictions
Right of First Refusal
Succession Planning
Family Governance
Confidentiality
Non-Competition
Dispute Resolution
Partner Withdrawal
Partner Removal
Death and Disability
Asset Management
Financial Reporting
Tax Matters
Partnership Property
Decision Making
Amendment Procedures
Termination
Dissolution
Valuation
Capital Accounts
Buy-Sell Provisions
Family Employment
General Partner Authority
Limited Partner Rights
Books and Records
Indemnification
Insurance
Notices
Arbitration
Governing Law
Assignment
Severability
Force Majeure
Entire Agreement
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

Industries
Partnership Act 1892 (NSW) and equivalent state Partnership Acts: Primary legislation governing the formation, operation, and dissolution of partnerships in Australia. Each state has its own Partnership Act with similar provisions.
Income Tax Assessment Act 1997: Governs the taxation of partnership income, distributions, and capital gains tax implications for family limited partnerships.
Limited Partnerships Act 2016 (NSW) and equivalent state Limited Partnership Acts: Specific legislation governing limited partnerships, including registration requirements and liability limitations for limited partners.
Family Law Act 1975: Relevant for considering the treatment of partnership interests in case of family law disputes or relationship breakdowns.
Corporations Act 2001: May be relevant if the partnership involves corporate partners or transitions to a corporate structure.
Tax Administration Act 1953: Contains administrative provisions for tax compliance and reporting requirements for partnerships.
Succession Act 2006 (NSW) and equivalent state Succession Acts: Relevant for estate planning aspects and transfer of partnership interests upon death.
Personal Property Securities Act 2009: Important for securing interests in partnership property and dealing with security interests.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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