Many small businesses and investment vehicles are structured with partners. Technically, a business partnership is created when two or more individuals come together for a specific business purpose.

As the name implies, a limited partner in a partnership is a partner, in contrast to a general partner, who has liability for partnership debts only to the extent of the limited partner's investment ...

The IRS wants to argue that the more involved a limited partners is in the day-to-day operations of a business, the more likely they should be subject to self-employment tax. What is a limited partner ...

In today’s litigious society, safeguarding your wealth has never been more important. For high-net-worth individuals, business owners and anyone with substantial assets, protecting those assets from ...

For each incremental dollar distributed to limited partners, the general partner realizes higher marginal IDR payments. For example, assuming 1,000 LP units outstanding, if $1,000 is distributed to ...

The Tax Court, consistent with past cases, applied a functional analysis of a limited partnership’s individual partners’ roles and responsibilities to find they could not apply Sec. 1402(a)(13)’s ...

Generally, the IRS imposes taxes on all of a taxpayer's income—whether it's earned as an employee or as a self-employed individual. One significant exception is IRC Section 1402(a)(13), which excludes ...

Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas' experience gives him expertise in a ...