Here are the materials in .pdf format from an afternoon session at the 29th Annual Tax Forum, co-sponsored by the NHSCPA held on 11-18-11.
Materials alone do not qualify for NHMCLE Credit.
Click on the Table of Contents for a preview of the materials.
What You Really Need to Know About Partnership Agreement Tax Provisions
A client starts a new activity and is advised to set up a new entity, often a limited liability company. As the attorney cranks out the standard LLC operating agreement, he notices it contains all kinds of “tax” language. The attorney is not sure what it means, but it’s in all the agreements he’s seen, so it must be important. Better send it to the accountant to make sure it’s OK. The accountant then receives the operating agreement. It has all the obscure Code references that all the attorneys seem to put in these kinds of agreements. The sharing and distribution percentages look right. There’s nothing else unusual in the agreement. It must be OK. In this session Peter Beach and Ken Wolfe will explain and demonstrate what these Code provisions mean, and how they really work.