1065 maybe limited partners?

[schirallicpa]

Last year the 1065 was 2 partners that were working on a solar project - they have successfully created a solar field with $320000 worth of panels and installation and will start generating power this month.

During the year 2022 they were able to bring in about 30 other people who will be basically just paying for their share based on their usage.

I'm thinking these 30 some partners will be "limited. " They are only part of the partnership so they can get cheaper utility bills, but not really making any decisions.

However, they have given voting rights to partners based on their expected usage.  So...maybe not....?.......

Yes, I am posting this knowing someone is going to tell me to look at the partnership agreement.  So far I haven't laid eyes on one.

 

 

 

[DANRVAN]

38 minutes ago, schirallicpa said:

given voting rights to partners based on their expected usage.

Limited partners are given limited voting rights.

 

They are limited to voting on certain issues, but not on the day to day operations of the company.

 

That should be spelled out in the partnership agreement.