limited partner

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Related to limited partners: general partnership

limited partner

n
(Commerce) a business partner who has no management authority and no personal liability
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The court cases determined that the taxpayers did not hold LLC units as limited partners and therefore should not be treated as presumptively passive under Sec.
Limited partners generally are not responsible for partnership debts; nonetheless, creditors often demand they guarantee them.
Where the client's family is left in control of the general partner, the partnership agreement should clearly state that the general partner has fiduciary duties to the limited partners (which includes the decedent), that the limited partners have no management rights, and that family members are acting independent of the decedent.
A typical limited partnership arrangement involves a general partner, usually a corporation, which carries on the business of the partnership, and several limited partners all of whom, generally speaking, function as little more than passive investors.
Compounding the complexity was the fact that the bankruptcy filing, initiated by a general partner was being contested in court by the lead lender and the limited partners.
An attorney who prepared the partnership returns and the Schedules K-1 for the three partnerships is deemed the preparer of the individual returns filed by the limited partners and is subject to the penalty for negligent preparation of those returns.
The first amendment, as originally adopted in June of 2008, granted a new right to the BBEP limited partners to elect the directors of the board of BBGP.
Payments to the limited partners during the same period were intended to pay their income taxes.
The CPA decides to ignore the issue, and nothing comes of it until the investment hits hard times and the limited partners stop receiving any annual distributions.
The owner of the property contributes it to a limited partnership in which he or she is the general partner and family members may be the limited partners.
In such a faltering economic context, to feel the pulse of domestic Limited Partners and figure out their investment intentions will, without doubt, have important implications for further strategies.
According to Yin, a JCT proposal (if enacted) would apply the SE tax rule that is currently applicable to general partners, to any owner of a partnership or S corporation (including general and limited partners, limited liability company (LLC) members and S shareholders).

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