Re: Why Russ Brandon needs to go.
As far as Brandon being Managing Partner of the Bills, it is my guess as a business entity, the Buffalo Bills are organized as a Family Limited Partnership (FLP) or something akin to it. A FLP is an estate planning tool that has become popular in recent years. It is used in place of or in association with a trust. Basically, the ownership interests of the Bills are broken into various pieces and each piece placed in a limited partnership. There can be any number of limited partners (anywhere from 1 to 20 or more) that are spread among various family members. A FLP can be sort of shell game with various limited partner interests and their corresponding values moved around (normally in the ownership family) as the need arises. The one legal entity holding the whole group of limited partners together is the general partner. Normally, there is only one general partner and under state law and IRS rules the general partner has management control over the business, with the limited partners having limited input. With that said, in almost all FLPs, the managing partner is little more than a figurehead, needed only for legal purposes, in reality the head of the family makes all the major business decisions even though he be only a “limited partner.”
As far as Brandon being Managing Partner of the Bills, it is my guess as a business entity, the Buffalo Bills are organized as a Family Limited Partnership (FLP) or something akin to it. A FLP is an estate planning tool that has become popular in recent years. It is used in place of or in association with a trust. Basically, the ownership interests of the Bills are broken into various pieces and each piece placed in a limited partnership. There can be any number of limited partners (anywhere from 1 to 20 or more) that are spread among various family members. A FLP can be sort of shell game with various limited partner interests and their corresponding values moved around (normally in the ownership family) as the need arises. The one legal entity holding the whole group of limited partners together is the general partner. Normally, there is only one general partner and under state law and IRS rules the general partner has management control over the business, with the limited partners having limited input. With that said, in almost all FLPs, the managing partner is little more than a figurehead, needed only for legal purposes, in reality the head of the family makes all the major business decisions even though he be only a “limited partner.”
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