This is someone, or an organisation, which controls or significantly influences another organisation.
Pursuant to Section 771(4)(B)(ii) of the Act, "...a producer and an exporter or importer shall be considered to be related parties, if - (I) the producer directly or indirectly controls the exporter or importer, (II) the exporter or importer directly or indirectly controls the producer, (III) a third party directly or indirectly controls the producer and the exporter or importer, or (IV) the producer and the exporter or importer directly or indirectly control a third party and there is reason to believe that the relationship causes the producer to act differently than a nonrelated producer. For purposes of this subparagraph, a party shall be considered to directly or indirectly control another party if the party is legally or operationally in a position to exercise restraint or direction over the other party."
an affiliate or close relative of the other party in question, an affiliate of a close relative, or a close relative of an affiliate
A person shall be deemed to be related to another person if: One of them directly or indirectly controls the other; or Both of them are directly or indirectly controlled by a third person; or Together they directly or indirectly control a third person A person controls another person if they are in a position, whether legally or operationally, to exercise restraint or direction over the other person.
A party is related to an entity if:(a) directly, or indirectly through one or more intermediaries, the party (i) controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow subsidiaries); (ii) has an interest in the entity that gives it significant influence over the entity; or (iii) has joint control over the entity; (b) the party is an associate (as defined in IAS 28 Investments in Associates) of the entity; (c) the party is a joint venture in which the entity is a venturer (see IAS 31 Interests in Joint Ventures); (d) the party is a member of the key management personnel of the entity or its parent; (e) the party is a close member of the family of any individual referred to in (a) or (d); (f) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e) or (g) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the entity.
Parties are considered related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions.
As applied to IRC Section 1031, a related party is any person or entity bearing a relationship to the Exchanger such as: members of a family - brothers, sisters, spouse, ancestors and lineal descendants; a grantor or fiduciary of any trust; two corporations which are members of the same controlled group or individuals; corporations and partnerships with more than a 10% direct or indirect ownership of the stock, capital or profits in these entities.
in relation to a body corporate, has the meaning in section 228 of the Act; in relation to a natural person: his or her spouse, de facto spouse, parent, son, or daughter, or a spouse or de facto spouse of that person; (ii) an entity over which one or more persons referred to in paragraph (i) has control; (iii) an entity that he or she controls, or its parent entity or sibling entity; (iv) a person who acts, or proposes to act, in concert with anyone referred to above; or a person who was a related party in the previous 6 months, or who would be a related party in the future, under the tests in section 228 of the Act (applied with any necessary adaptation); and in relation to a registered managed investment scheme, a related party under section 228 of the Act, as modified by section 601LA of the Act.
LSC OIG follows the FASB Statement No. 17 definition of "related party." LSC OIG considers "related party" in a broad context. Examples of relationships which we would expect the IPA to note in the audit report include: financial relationships between governing board members and the program; and resource sharing and/or financial relationships with another legal services entity other than a contractual subrecipient.
