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Something like that, only expanded.  There are three main roles in an LLP.  Assuming on "outside" investor, then the interest parties would be:

  1. Parents
  2. Children
  3. Renter

At present, the property is the parents'.  They could, I suppose, sign the deeds over to the children for 1p or 1 cent or somesuch.  There are laws about doing this within a specified period before death, but if parents were to do this when they hit sixty, then I'm supposing the property would be the childrens'.  But there may be legal issues around that.

In the LLP model, I assume the property becomes the LLP, then the parents and the children take on specific roles (maybe there needs to be a third person, a solicitor of some kind or just a friend of the family?, who "manages" the LLP.  There would be (....fill in the blanks because this is what I'm missing...) and so, when the surviving parent, say, needed or decided to move into sheltered accomodation, a tenant for the property could be found and that tenant would (...fill in more blanks here...) meaning that money for the sheltered accomodation was freed up, no selling of the property was necessary and (....more blanks here related to inheritance tax and other such matters...)

Hence my request for a diary or maybe links to something that would fill in these specific blanks.  An real example hopefully, with info. on

a) The necessary legal wherebywhats
b) The various "agreements" between the parties (and associated legal wherebywhats

and I'm already confused!

Thing is, a lot of us will find ourselves in this position either as parents or children, and I'm all for ET developing beyond just 'aving a chat (which I enjoy mucho) and into...well, developing our ideas of "ways forward" into practical action beyond the type type read read.  And the LLP-House scenario seems to me to be one of those possibilities.

Growing indoor herbs might be another...

Also, "How to sort out your business so you only have to work six months a year....and can then use your super-duper international rail ticket to travel lazily from place A to B imbibing....other places and other...er....imbibable...er...imbibes....ach...

So, I'm hoping that Chris can help out, even if just to paint a wide picture--just enough for me to see how it might help, eg, me when I am old and doddery (next Tues week, I think.)  I would, of course, be happy to pay Chris or A.N. Other-Expert a decent rate for any hours they could put in to help me actually set up such an LLP, but for now I'm still at the "I like the idea but...I don't quite understand it" stage.

Don't fight forces, use them R. Buckminster Fuller.

by rg (leopold dot lepster at google mail dot com) on Mon Mar 26th, 2007 at 09:13:52 AM EST
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