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Business Associations Keyed to Epstein, 5th Ed.
Gibson v. Gibson Family Ltd. Partnership
Citation:
877 N.W.2d 597 (2016)Facts
In 2002, Delores Gibson and her two sons, Michael and Greg, created the Gibson Family Limited Partnership (GFLP) as an estate-planning tool. Michael and Greg each received a 45.8% interest without payment, while Delores retained 8.4% and served as general partner with sole authority over management decisions. GFLP owned 2,060 acres of land that Delores had contributed. The brothers jointly farmed the land until 2006 when they split operations. In 2007, GFLP loaned Greg $350,000, and Michael filed his first lawsuit. In 2008, GFLP leased the land to Greg’s company, and in 2011, GFLP sold 830 acres to Greg under a contract for deed. Michael filed this second lawsuit claiming breach of fiduciary duty and later sought dissociation from the partnership, arguing he was “frozen out” and incurring tax liabilities without receiving distributions to pay them.
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