As the name implies, a limited partner in a partnership is a partner, in contrast to a general partner, who has liability for partnership debts only to the extent of the limited partner's investment ...

Discover key terms to include in a partnership agreement: ownership, profit sharing, dispute resolution. Ensure smooth operations and minimize partner conflicts.

In Sirius Solutions, the court rejected a participation-based test for self-employment tax, finding that limited liability, and not day-to-day activity, controls who qualifies for the self-employment ...

Historically, CPAs have dissuaded estate planning clients from funding family limited partnerships with personal use property, such as a primary or secondary residence. In the past the IRS has ...

If you have affluent clients, you should know about Family Limited Partnerships (FLPs) and Limited Liability Corporations (LLCs), two extremely useful vehicles for helping reduce inheritance taxes. An ...