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Tax Planning | Tax Practice

Partnership and Limited Liability Company Tax Planning

Federal tax law provides the maximum flexibility to partnerships and limited liability companies that are treated as partnerships in developing the capital structure and dividing the economic profits of the operating company. This provides a virtual blank slate for business owners to arrange their affairs.

  1. Partnerships and limited liability companies are treated as pass-through entities with respect to income and losses. This means that the operating entities are taxed once on the profits earned. Partnership tax law can be very complex and it is important to understand and manage the tax elections and allocations so as to not cause an owner to be surprised by an unexpected tax consequence.
  2. Examples include:
    1. the difference between the partner’s or member’s outside basis and the inside basis potentially generating a disparity in depreciation deductions;
    2. treatment of distributions of cash and property;
    3. tax consequences regarding the purchasing partner's assumption of the selling partner's liabilities; and
    4. whether a partnership should elect to "book-up" its basis in its property.

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

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