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Partner's Partner is a free knowledge-base for partners who want to learn more details about the legal, tax, and accounting concepts that apply to partners and the partnerships in which they participate. For partners or partnerships who seek further information about how such concepts may apply to specific transactions or other partnership matters, we offer paid subscriptions which allow you to access premium content and low-cost, electronic access to our legal, tax & accounting consulting professionals.  LEARN MORE

The Partner's Partner...educating partners, one transaction at a time.

                     


PRO DISCUSSIONS

  • Exclusion From Partnership Rules; electing out of Sub-Chapter K Certain partnerships that do not actively conduct a business can choose to be completely or partially excluded from being treated as partnerships for federal income tax purposes. All the partners ...
    Posted Nov 4, 2012, 2:34 AM by Partner's Partner
  • Partner/Member Basis: An Introduction This discussion involves one of the most important concepts included in Subchapter K of the Internal Revenue (Partnerships). At the core of the ultimate measure of a Partner's gain ...
    Posted May 9, 2011, 4:02 AM by Partner's Partner
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COURT CASES

  • Access to LLC/Partnership financial records; inspection of the Company's books & records Abdalla v. Qadorh-Zidan913 N.E.2d 280 (Ind. App. 2009)The Abdallas and Zidans formed five LLCs and a corporation. Each family owned 50% of each LLC, and ...
    Posted May 9, 2011, 1:40 PM by Partner's Partner
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IRS GUIDANCE

  • "Pre"-partnership Expenditures Partnership - Audit Technique Guide - Chapter 2 - Initial Year Return Issues (Published 12-2002)In the initial year of a partnership, several Code sections limit or preclude a current deduction for ...
    Posted May 20, 2011, 9:06 PM by Partner's Partner
  • Partnership Allocations IRS Partnership - Audit Technique Guide - Chapter 6 - Partnership Allocations (Revised 12-2007)For partnership allocations to be respected they must either be made in accordance with the partners’ interests in ...
    Posted May 20, 2011, 8:55 PM by Partner's Partner
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FORMATION
Choice of entity



Transaction structure

Company/Partnership agreements review

Capital contributions



TAXATION
Partner K-1 review

Form 1065 review

IRA partners: Form 990-T

Partner distributions

Member capital accts



OPERATIONS
Member allocations

Cash Calls

Transfer of a partner's ownership interest

Exit/Dissolution

Income Recapture


OTHER
Specialized uses for business, estate, and personal asset planning

Single member LLCs