Drafting and Understanding Partnership and LLC Allocation and Distribution Provisions, 2022 ed.

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Drafting and Understanding Partnership and LLC Allocation and Distribution Provisions discusses how to draft and how to understand economic and tax allocation provisions in a partnership, limited partnership, or limited liability company agreement. This is a book for drafters of partnership and LLC agreements and for accountants preparing tax returns for partnerships and LLCs. It is a practical book to deal with real life drafting problems and tax return compliance problems. Partnership and LLC agreements are among the most challenging legal documents to draft and to understand. This book:

Is a general introduction to principles of drafting partnership allocations and distribution provisions
Is designed to be useful both to experienced drafters and to novices alike
Provides general guidelines and simple provisions that novices can use in drafting partnership agreement allocation and distribution provisions
Explores the nuances of complex allocation and distribution provisions
Identifies more complicated areas that novices may wish to avoid

Features

Discussion of how economic allocation provisions work and comprehensive examples of how to draft them
Detailed discussion and dissection of the typical tax allocation provisions in a partnership agreement
Explanation of how various types of partnership economic provisions are drafted and interpreted
Discussion of the issues and suggests an alternative and simpler approach to partnership allocations