Partnership Tax Planning

Ohio Partnership Tax Planning Lawyers

At The Robison Law Firm in Cincinnati, Ohio, we strive to develop the most tax-efficient way to achieve our clients’ personal and business goals. Our tax planning attorneys are skilled at identifying our clients’ unique needs and goals.

This information often leads us to create pass-through entities, such as Limited Liability Companies (LLCs), which help our clients avoid double taxation, enjoy the benefits of tax losses or tax incentives, and minimize the tax effects of asset acquisitions and dispositions.

In addition to advising partnerships directly, our attorneys assist other lawyers and CPAs as well in advising their clients on complicated partnership tax planning.

Recently, our firm assisted a local attorney whose client was considering the purchase of an ownership interest in a LLC from a selling partner. Since the local attorney was not an expert in partnership taxation, our firm assisted the attorney analyze such factors as:

• Will the difference between the fair market value of the interest purchased (outside basis) and the purchaser’s pro rata share of the partnership’s adjusted basis in its property (inside basis), which he assumed from the selling partner, generate a disparity depriving the purchasing partner of depreciation deductions?
• Will the purchasing partner's gains from subsequent property distributions be inflated by the disparity of his inside and outside basis?
• What consequences will surface regarding the purchasing partner's assumption of the selling partner's liabilities?
• Should the partnership elect to “book-up” its basis in its property?

For Professionals: When our firm works with your clients, we protect your relationship with your clients.

Feel free to contact The Robison Law Firm in regards to any partnership or of business tax planning issue, including:

• The use of flow through entities such as partnerships and LLCs to minimize income taxes
• Designing customized tax allocations for partnerships
• Single member LLCs
• Partnership anti abuse rules
• Partnership interests
• Withdrawal from partnership
• Retirement from partnership
• Dissolution of partnership
• Incorporation of partnership
• At-risk rules
• Sales and other taxes

With offices in Cincinnati, Ohio, our partnership tax planning attorneys represent clients throughout the state.