Amended K-1s and Consistency Requirement
Opting Out of BBA
As with any changes to business taxation law, it is important to assess the long- and short-term effects both financially and in the nature of how your operations may be constrained. In the world of partnerships, in particular with the new BBA rules, it may be wise to assess how the new taxation regime affects relationships with past partners. The operating agreement is your means to outline the rules of how you work together with respective rights and responsibilities. A business lawyer can help you draft the right agreement to meet your objectives given the new laws.
Unsure if your operating agreement is up to par? Johnstun Law can help you make needed amendments to your operating agreement to ensure your compliance with IRS audit rules for partnership.