The Bipartisan Budget Act of 2015 has strengthened the IRS’s ability to audit partnerships, including multi-member LLCs. The new rules apply to tax years beginning after 2017, and will apply to partnerships of 100 or more partners. To prepare for these changes, Partnerships should amend their Partnership Agreements and select a “Partnership Representative” Continue Reading →
Tag Archives | business partnership
Purchasing a business is never a risk free transaction. Ensuring that you’ve obtained documented proof of certain things from the seller is essential to help protect you, the purchaser. Here are a few matters that you should insist the seller provide documentation of for further review by your attorney… Continue Reading →
As a small business owner, you should consider the importance of asset protection when creating your financial plan. We live in a litigious society where there is no shortage of people looking for targets. Taking the necessary steps to protect your assets will go a long way in not becoming one of those targets. Continue Reading →
Business planning starts with determining what type of entity your business will be. The legal definition of a
partnership is an association of two or more persons to carry on as co-owners of a business for profit. There are two basic types of partnerships, general partnerships and limited partnerships.
While creating a partnership agreement isn’t required, it’s a smart thing to do. A written partnership agreement helps to avoid misunderstandings between partners. Failure to have a written agreement will result in default rules based on the states statute. Establishing a written agreement is the perfect opportunity for partners to discuss various aspects of the business and expectations of each partner. Continue Reading →