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Unformatted text preview: “separate entity” from Partners Separate Entity from its Members Taxation Single tax Double Tax (tax on the actual corp. and shareholders taxed on dividends) Single Tax that flows through to the partners. Partnership and Partners File a Return Single Tax that flows through to members. LLC and Members File a Return Duration At will or upon death termination Perpetual Termination by agreement, death, or withdrawal May be Perpetual Unilateral Transfer Sell/give away business, but that terminates your interest and transfers that interest to the new owner. Full ownership interest is freely transferable May be varied by Articles or Bylaws Can’t transfer full partnership interest to another party, but can assign value of the partnership to another person Freely transferable – depending upon the state...
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This note was uploaded on 04/05/2012 for the course ACCT 4221 taught by Professor Crumbley,d during the Spring '08 term at LSU.
- Spring '08