MGMT 133 Lecture Notes - Lecture 18: Limited Partnership, General Partnership, Debt Relief
Document Summary
Liquidating distributions thats when you recognized your loss. General partnership : all the partners are partners can be formed in formal or written agreement- ultimately responsible for the partnerhsip garuanteed debts,liabiliteis. Limited partnership: has one limited partner, are not responible to libailities. Partner willin to pay tax when allocated to them but when distributed to them. Aggregate: ignores entitiy partnership tax and tax partnership as aggrefation of partners" separate in assets and liabiilties of partnership. Entity : treat tax p as entities separeate from their partners. Passive owners: 3. 8 tax if agi> 75 threshold. Partnership interest: they have a right to the partnership. Capital interest: partnership liquidates they will have the right to the assets. They will get both interest it is best to have both because when liquidates will still have rights to the assets. In order to get partnerhsip interest: need to contribute something to the interest.
