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07 February 2017

The Special Limited Partnership (« SLP ») for succession planning

Family Offices and UHNWIs may use this flexible vehicle to structure the holding of their wealth by contributing all or part of their assets into such a SLP.

Limited Partnerships are usually established by way of a Partnership Agreement entered into between one General Partner and one or more Limited Partners.

The member of the first generation (founder) brings his assets in kind to the SLP who will issue different types of shares, one category of shares per generation (the first generation receives share A, the second share B and the third share C).

Each category of shares can be freely organised and receive different type of right in the Limited Partnership Agreement (“LPA”).

The LPA can provide with the following :

  •           the duration of the SLP (unlimited or a limited period of time) and the way the assets should be distributed in such case

  •           the method of reimbursement of partnership interests and the conditions to be met

  •           the entitlement of partners to the profits (and losses) of the SLP

  •           distributions to the partners, conditions, which may depends on the type of shares

  •           voting rights (which are usually given to the first generation)

  •           the transfer of partnership interests (restriction or other conditions)

There is no statutory obligation for any of the partners to be based in Luxembourg; they can be resident or non resident. Trusts, companies or foundations can become member of the SLP. There is no limit on the number of partners, category of shares, the conditions - for instance, the ones to be applied to a category of share or even for one particular partner namely (case of the spouse(s) or children of different unions).

 

The SLP can become owner of any types of assets like participations, companies, funds, securities, gold, real estate, Intellectual Property rights, or any other assets of the family.

 

 

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