Luke Bennett and John Endacott Tax Partners Winter Rule highlight some of the practical problems that arise in advising professional partnerships
After the collapse of the South Sea Bubble restrictions were introduced that until the late 1960s prevented a professional partnership from having more than 20 partners. Since then professional firms have grown enormously and we now have partnerships made up of hundreds of individuals. Over this same period tax law has grown enormously as well although specific statutory rules dealing with partnerships have been largely absent. The result is an expensive and cumbersome system that requires a practical approach in order to overcome the inherent problem issues.
These issues arise because a partnership (other than an LLP) is not a separate legal entity. As a...
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Luke Bennett and John Endacott Tax Partners Winter Rule highlight some of the practical problems that arise in advising professional partnerships
After the collapse of the South Sea Bubble restrictions were introduced that until the late 1960s prevented a professional partnership from having more than 20 partners. Since then professional firms have grown enormously and we now have partnerships made up of hundreds of individuals. Over this same period tax law has grown enormously as well although specific statutory rules dealing with partnerships have been largely absent. The result is an expensive and cumbersome system that requires a practical approach in order to overcome the inherent problem issues.
These issues arise because a partnership (other than an LLP) is not a separate legal entity. As a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
