Description
Advising business clients on the formation and ongoing operation of limited liability companies and partnerships requires not only a solid understanding of business principles but also a keen awareness of the complex tax issues these entities present. Even though you may not be a tax expert, you need the knowledge to identify and handle the business tax issues that your clients can expect to face.
The taxation of limited liability companies and partnerships and can be downright confounding, confusing, complicated, even for business lawyers. This presentation will provide the basics of partnership income taxation (from formation, in operation, and to termination) that all attorneys should know.
Join Whit Cocanower, Senior Manager at Grant Thornton Advisors, LLC, for a thorough examination of the intricate tax considerations found in the provisions of partnership agreements, including:
> Understanding key provisions in partnership agreements in relation to tax issues
> Identifying common tax pitfalls in connection with partnership formations
> An explanation of the major methodologies for making partnership income allocations
> “Boilerplate” special allocations commonly found in partnership agreements
> How to handle sales of partnership interests, including the impact on partnership allocations and the potential for special basis adjustments
> Highlighting key issues with partnership distributions and liquidations
This program offers lawyers an introduction to the tax components found in every comprehensive partnership agreement.