Top Ten Drafting Issue in Limited Partnerships for Land Owners and Developers

May 1, 2007 (add to Outlook Calendar)
Teleconference

1 pm Eastern Time

Frank Ruttenberg will present the teleconference.

Program Description:
The business community, and in particular the real estate industry, has for many years recognized the benefits of using limited partnerships for business planning purposes. It has been well recognized that these business vehicles provide a balance of limitations on liability for many, not all of the ultimate parties to the entity, pass through treatment for federal income tax attributes and a somewhat centralized management structure. As our business community has become more sophisticated, so has the nature of the relationships parties form for the purpose of investing in and developing real estate. As a result, the agreements which define these relationships have necessarily become more comprehensive and complex. Many of us have seen partnership agreements evolve from a short, four or five page document which did little more than spell out the most rudimentary terms of the parties' relationships, to what now looks more like a James Michener novel, with definitional sections that are longer than the documents many had relied upon in earlier times. This should not be surprising when you consider that the agreement is required to define a living business relationship, beginning with its formation and capitalization, through its operations and through its dissolution and termination. The purpose of this presentation is not to provide a comprehensive overview of these agreements, but rather to address some common pitfalls that practitioners often encounter when drafting these agreements for real estate transactions.

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Sponsored by: Lorman Education Services