Questions tagged [partnership]
25 questions
4
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1 answer
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 not to be used or released. They never compensated…
Dev Null
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4
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1 answer
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 Managing Partner? To what extent is a Limited…
Limited Partner
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3
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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 four people, created a hair/fashion show -…
Ldweller
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2
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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 Partnership. (Though if doing a certain type of business…
geronimo
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2
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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 resulting proceeds (net of liabilities) distributed to…
Mason Wheeler
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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 than 1,000 euros using cryptocurrency wallets, as…
User65535
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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 foreign members.
I'll understand Form 1065 is…
jfcabreras
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2
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1 answer
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. Both capital interests are unvested and will vest…
SapereAude
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2
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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 capital interest (valued at $100,000). What are…
SapereAude
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2
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2 answers
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 accomplish this?
Make one member a 10% owner and…
newUserNameHere
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2
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1 answer
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 things correctly, that means businesses taxed as…
CircleSquared
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vote
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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 agreement both pass the assets to me. With only one…
Prune
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vote
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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 I presume his share goes to his estate.
He died…
Dev1
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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.
Tom LaFleur
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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 provide sales and B were to provide product…
Achilles
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