FLPs vary depending on the type of business. Suppose someone wants to start a luxury housing company. He estimates that the project will cost $1 million, including working capital, and will earn about $200,000 in cash each year before interest on mortgages and taxes is cancelled. He anticipates that he will need at least a 50% down payment of $500,000. So he calls some family members, and they all agree to create a FLP that will spend 5,000 limited partnerships at $100 each for a total of $500,000. The simple limited partnership agreement provides that the shares cannot be sold for at least six years and that FLP distributes 70% of the cash income in the form of dividends. The legal ownership of the company`s property is held in the name of the partnership. Subject to the provisions of ARTICLE 9 and the other provisions of this case, as well as its fiduciary duties to limited partners, the general partner has the right, power and power (regardless of the length of the partnership) to act for and for the partnership, to enter into and execute a lease, contract, contract, deed, mortgage or any other appropriate instrument or document for the ownership of the company (or part of it), to sell, mortgage, promote or refinance, to lend money and to execute debt securities to guarantee the same thing through mortgages (the term “mortgages” is defined for all purposes of this agreement, in order to enter into , financing declarations, cat mortgages, mortgages, conditional sales contracts and similar guarantee contracts) on similar partnership and guarantee contracts. , to renew or renew all these loans or obligations and transfer partnership ownership to a fee, simply by deed, mortgage or other means. Under no circumstances can a party who is dealing with such a general partner with respect to a partnership property or who is transferred to the ownership of the partnership (or part of it) can be contractually agreed to be sold, leased, mortgaged or refinanced (the term “refinanced” is defined in all the objectives of this agreement: to be required to submit to the application of purchase money, rent or money borrowed or advanced, or to be obliged to ensure compliance with the terms of the agreement, or to consider the necessity or usefulness of an act or deed of such a general partner. contract, contract, mortgage, lease, loading voucher. , or any other instrument or document executed by that general partner with respect to a partnership property; are compelling evidence for anyone who suspects it or claims that at the time of the execution and/or delivery of the partnership , the partnership was fully executed and approved; b) this instrument or document has been duly executed and approved and binds the partnership and all its partners, and c) this compleoder who executes and provides the same executor has been duly authorized and authorized to execute and provide each of these instruments or documents on behalf of the partnership.