Texas limited liability companies treated as partnerships

Article Abstract:

The IRS rules that a Texas limited liability company is covered by tax regulations as a partnership. Interest transactions in such a company require managerial consent or majority interest, unless the transaction was caused by death, divorce, dissolution, liquidation, merger, or termination of the interest's transferor and the recipient was recognized by the company. In similar cases, the Texas Limited Liability Company Act considers the company dissolved unless otherwise regulated by the company or there is at least a single partner's consent.

Limited liability companies

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Cost of Limited Partner's Suit Against General Partners Allowed Only as a Miscellaneous Itemized Deduction

Article Abstract:

When a limited partner's interest was sold by general partners and they failed to fulfill conditions agreed to in the sale, legal and accounting costs were allowed by the Internal Revenue Service as miscellaneous itemized deductions incurred in production and collection of income, not as trade of business expense.

United States, Partnerships, Expense deductions

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