Can 4 people form a limited partnership to gain control of land?
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Can 4 people form a limited partnership to gain control of land?
5 people own land; 1 person owns 1/3 and 4 people own 2/3’s. 1 of the 4 people farms the land. Can the 4 people form a limited partnership to gain the control and can the 1 person still farm without the other 3 being involved?
Asked on March 5, 2012 under Real Estate Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Techinically all of the owners who have an interest in the land that you are writing about have an implied in fact partnership with respect to it. I see no legal basis to go through the expense of forming a limited partnership to gain control of the land from the one.
I suggest that the four owners who have an issue with the one other owner who farms the land consult with an attorney as to how best to resolve the issues surrounding it. One way is to have all owners enter into a written agreement as to how the property is to be used and profits split with possible buy out provisions. Another option is to discuss a buy out with the one owner if need be.
Under the laws of all states, all owners of real property have access to the property that they have an interest in.
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