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Updated 5 months ago, 07/10/2024
Opportunity Fund Withdrawals as Partner
I’ve recently entered into an opportunity fund partnership. To be clear, I did not passively invest in a fund. I started the fund. I’m a general partner of the fund. It seems all the rules regarding what to buy and how are relatively clear. One thing I’m not able to find, is if I as an owner can take draws from the company and if there are any restrictions. I’m about to sell a property at a large gain. Obviously the majority of the money will stay in the fund and I’ll reinvest into opportunity zone property; however, I would like to take an owners withdrawal as well. Any CPAs or experts on opportunity funds from the perspective of the GP that can help?