Recent Articles

Partnership Agreement

The partnership agreement is a document that outlines the ‘who’, ‘what’, ‘where’, ‘when’ and ‘how’. It is customarily created under the Uniform Partnership Act within the legal boundaries (state) where the partnership resides.

Joint Venture

01/08/2017

The average person may not realize this, but the most notable joint venture in existence today is the National Football League.   It figuratively owns every Sunday in the fall of each year.  It is an association of 32 clubs agreeing to compete [...]

Limited Liability Company – Step By Step Setup

01/17/2015

There is multi-step process to establish a Limited Liability Company (LLC).  You must first be recognized by the state of origin and then apply to the Internal Revenue Service to identify the particular tax entity arrangement.  Both recognition [...]

Phantom Income

10/27/2014

Those small businesses using partnership or S-Corporation formats issue Form K-1 to the respective owners.  When income is assigned to the owner and there is no corresponding cash related to that income, then this income is referred to as [...]

Partnership Agreements – Terminology

01/22/2014

Each of us has our own built in dictionary for terms we hear in our business lives.  I find it fascinating that the standard business term ‘Equity’ is interpreted differently within the business world.  I often interpret the term using the [...]

Partnership Agreements – An Introduction

01/09/2014

There is a tremendous amount of information to convey to fully understand partnership agreements.  This is the first in a series of articles related to partnership agreements.  Throughout this series I will explain the various sections and issues [...]