Questions tagged [partnership]
The partnership tag has no usage guidance.
25
questions
2
votes
1
answer
40
views
Why does an LLC have to be filed with most or all states but not an LP?
For example, in New Mexico, California, and Montana, one must create an LLC by filing through the state government. But as far as I know, none of those states require the same for a Limited ...
- 121
-1
votes
1
answer
28
views
Can loss sharing ratio of all the partners in the LLP be kept 0%? [closed]
L.L.P. stands for Limited Liability Partnership.
Profit and Loss sharing ratio & relevant details.
- 1
2
votes
1
answer
32
views
What's the point of this partnership template revenue clause?
In this partnership agreement template it states that
The Company will allocate items of income and losses as if the Company were liquidated, its assets sold at their fair market value, and the ...
- 353
-1
votes
2
answers
68
views
Can sole member LLC add 1% partnership to deduct large business expenses? [closed]
A sole member LLC has business expenses that can only be partially deducted from the individual's taxes because they far exceed the company's income.
The company changes to a partnership adding an ...
- 119
2
votes
1
answer
72
views
Could everyone with DAO tokens in the EU be punished under recent Transfer of Funds Regulations on KYC?
On March 31st the ECON and LIBE committees of the EU Parliament has voted to require cryptocurrency service providers to collect personally identifiable information from individuals who transact more ...
- 4,425
2
votes
1
answer
41
views
Tax requirements for LLC taxed as partnership all foreign members and non us sourced income
I was wondering which will be the forms required to be filled by a Wyoming LLC taxed as partnership, which it's revenue is not US sourced, so no withholding will apply and also all of it's members are ...
- 19
2
votes
1
answer
41
views
Can an LLC member "reject" an unvested gift of interest from a living member several years after it is given?
I have an LLC. My son and daughter (both over 18) are the only other members. In December 2019, I transferred to my son a capital interest worth $15,000 as a gift and did the same for my daughter. ...
- 195
2
votes
0
answers
111
views
If a partner abandons his interest, what is the tax treatment for the remaining partners?
Suppose a partnership (such as an LLC with pass-through taxation) has three members. Each owns an equal share of the business, which has a net liquidation value of $300,000. One partner abandons his ...
- 195
1
vote
1
answer
88
views
How do I convert a partnership to a sole proprietorship?
My wife and I have a partnership for a small business (cash flow < $50k/year in either direction), registered in Oregon, USA.
She died recently; I am her sole heir. Her will and the partnership ...
- 113
0
votes
0
answers
37
views
Is a subsidiary partnership (i.e. where a General Partner (GP) owned 96% of the stock) also considered "wholly-owned" (i.e. by the GP)
I get how, according to US partnership constructive ownership attribution rules, a partner that has less than 5% of the partnership stock isn't treated as an owner. However does this also mean that a ...
0
votes
1
answer
38
views
Who signs partnership agreements?
Consider a hypothetical partnership agreement between 2 companies in 2 different countries (Australia & Saudi Arabia). On the last page of the agreement it requires signatures from Company 1 and ...
- 149
4
votes
1
answer
43
views
What happens to assets intended for incorporation that never forms?
I purchased two domain names with intention to use in a company with a partner. We both signed a Letter of Agreement that these domains were to be used in the not-yet-formed company, and otherwise ...
- 141
1
vote
1
answer
144
views
Is the new co-owner of property liable for its debt?
I co-own some rental property. My co-owner, who managed all the financials of the property (taking in rent and paying expenses) recently died. I haven't seen the deed, and his widow can't find it, but ...
- 561
2
votes
2
answers
178
views
Easiest way to modify LLC control?
I need to create a two member LLC.
Initially the LLC will need to be fully controlled by one person, but in the future control will have to change to be 50/50.
What is the easiest / safest way to ...
- 125
4
votes
1
answer
59
views
Limited partners' obligations for tax wrongdoing?
To what extent are Limited Partners at risk for tax malfeasance committed by the Managing Partner?
What is a Limited Partner's obligations following discovery of this sort of tax wrong-doing by the ...
0
votes
0
answers
27
views
What happens if a LLC Member fills out the LLC license with Malicious intent in the state of Mississippi
If There are 2 members of a LLC and a verbal agreement in which one Partner has 65% of the company and the other Partner had 35% of the company but the Partner with 35% of the company set up the LLC ...
- 165
3
votes
3
answers
222
views
Commissioning work: Who owns the rights in this scenario?
My Colleague is currently in debate with someone they previously worked with last year in collaboration, under who owns the rights to the items in the following scenario.
The scenario is:
A group of ...
- 135
1
vote
0
answers
43
views
Why would a company with a market cap over $100 million choose to be a non-limited, general partnership?
Why would such a significantly profitable company choose to have unlimited liability? What benefits would still be afforded by the non-limited, general partnership structure? United States especially.
- 21
2
votes
1
answer
82
views
How much are partnerships and LLCs really taxed?
Based on the IRS website, partnerships and LLCs being taxed as partnerships appear to only file (at the federal level) 1065 forms with schedule K-1 forms (for each partner/member).
If I'm reading ...
- 123
-1
votes
1
answer
900
views
What legal entity(s) would be best for startup funded by kickstarter or other investment?
Assuming someone is going to start a business that is to design, build and manufacture a small electronic handheld device.
They post campaigns on Kickstarter, Indiegogo, and other crowd-funding ...
- 780
0
votes
1
answer
19
views
How should we document % ownership in our company? [closed]
My friend and I launched a web application. We intend to make it a paid service by the end of the year. He has 1/3 shares and I have 2/3 (per a verbal agreement). We haven't yet established any LCC,...
- 111
0
votes
1
answer
789
views
Must a partnership agreement contain 754 provisions in order to make a 754 election?
I am a limited partner in a nearly 40 year old limited partnership agreement governed by the laws of the state of Nevada. The partnership agreement is silent with respect to 754 elections. Can this ...
- 175
1
vote
1
answer
94
views
Can this contract be valid without any signed agreements and who owns the product?
I'm trying to figure out this scenario -
Company X (US based company) agreed to do a Joint Venture with an individual (let's call him B, he's non US citizen) to create a software product. X were to ...
- 113
-1
votes
1
answer
193
views
Promissory Note Versus Loan Agreement for Real Estate Investment
I have a friend that has been flipping houses for years and I have an opportunity to invest in one of her upcoming deals and would like to do so. However, I am not sure what the proper way for me to ...
0
votes
1
answer
46
views
Who is liable when the membership of a partnership changes?
Suppose there is a partnership with five members. On Monday, someone commits a tort on behalf of the partnership (e.g. assaults a customer). On Tuesday, one of the partners leaves the partnership and ...
- 4,244