Custodial Accounts
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Custodial Accounts Our club wants to allow custodial accounts. Is there anything that we should be aware of? This is the wording I'm thinking about adding to our Partnership Agreement: Custodial accounts are permitted as long as the parent/guardian is a member in good standing. Custodial accounts are not granted voting privileges. Anything else that I should include? John Rice ABODI Invesmtent Club I'm not a lawyer, but you may have a problem if you deny voting privileges from a general partner. I would think that you would want the custodian to have the right to vote the units for which s/he is custodian;
Ira Smilovitz
In a message dated 06/01/11 00:26:02 Eastern Daylight Time, rice.j1969@att.net writes:
We have 10 members in the club. I want to add an account for my son and one for my daughter, which will bring it up to 12. Is it unfair for me to have 25% (3 out of 12) of the vote while everyone else has 8%? Additionally, we never have everyone at each meeting so the percentage will be higher.
John Rice
From: iras1 <iras1@aol.com> To: club_cafe@bivio.com Sent: Tue, May 31, 2011 9:41:27 PM Subject: Re: [club_cafe] Custodial Accounts I'm not a lawyer, but you may have a problem if you deny voting privileges from a general partner. I would think that you would want the custodian to have the right to vote the units for which s/he is custodian;
Ira Smilovitz
In a message dated 06/01/11 00:26:02 Eastern Daylight Time, rice.j1969@att.net writes:
The issue isn't whether it's fair, it's whether it's legal. I'm not qualified to answer the question, only to ask it.
Ira Smilovitz
In a message dated 06/01/11 10:56:31 Eastern Daylight Time, rice.j1969@att.net writes:
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