I'm hoping someone on the listserv can help clear things up for me.  I
work for a manufacturing company that has always been a family/privately
owned company.  Well they have just sold it to a three person
partnership.  This partnership invests in companies for assets which are
placed in a tax sheltered trust for the benefit of future generations of
their partnership.  They are a very "hands-off" partnership.  Our
current management will still be in place running everything the same
way; they claim it will be a seamless transition.

 

I guess my question comes in with the records of the company.  Has
anyone ever dealt with a situation like this, where a company has been
sold to a privately owned partnership?  With this type of transaction
does the partnership now take over any or all of the records if they
claim to be a "hands-off" operation or do we still control them as is?

 

Any light on this situation would be greatly appreciated.  Thank you.

 

 

Kelly A. Nelson

Corporate Records Administrator

McGard, Inc.

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www.mcgard.com

716-662-8980

716-662-8985 fax

 

 

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