Legal Question in Business Law in Georgia
My wife's family has a family partnership where the limited partners are not allowed to take any form of compensation. My wife's sisters husband has been getting commissions from managing assets of the partnership. The limited partners are my wife and her sister. Is the brother-in-laws compensation considered to be part of the limited partners compensation??
The partnership is in Georgia.
Asked on 11/23/13, 4:28 am
1 Answer from Attorneys
Glenn M. Lyon, Esq.
MacGREGOR LYON, LLC, Business Attorneys
It really depends on the terms of the partnership agreement. However, if he is not a partner and is being paid a reasonable commission for work actually performed, I do not think it would violate the terms based on your posted facts.
Answered on 11/25/13, 4:26 am
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