What is the name of your state (only U.S. law)? CO
I am a partner in a family limited partnership. My questions are related to the financial reporting required by such? Are FLP's required to make available to partners the financial statements that are done quarterly? Our general partners only sent a letter that stated the opening balance and the closing balance with an insulting commentary on what had happened with the Dow and the S&P. This partnership has been in existence for three years and we have never received any financial information nor have we ever been given any documents that describe how the partnership is set up or administered. One general partner did state that they are only required to have an annual meeting and that is all they are required to do. Of course we have been liable for all the taxes on our shares but no distribution date set or any other info. Your thoughts would be greatly appreciated as I feel they should be issuing financials as a limited partnership would.
I am a partner in a family limited partnership. My questions are related to the financial reporting required by such? Are FLP's required to make available to partners the financial statements that are done quarterly? Our general partners only sent a letter that stated the opening balance and the closing balance with an insulting commentary on what had happened with the Dow and the S&P. This partnership has been in existence for three years and we have never received any financial information nor have we ever been given any documents that describe how the partnership is set up or administered. One general partner did state that they are only required to have an annual meeting and that is all they are required to do. Of course we have been liable for all the taxes on our shares but no distribution date set or any other info. Your thoughts would be greatly appreciated as I feel they should be issuing financials as a limited partnership would.