Limited Liability Companies and Partnerships

The limited liability company is a relatively new choice of business entity which provides the combination of flexible management, pass-through of taxable income, limited liability and a statutory governance format. We have extensive experience with the partnership tax rules which apply to partnerships (formed as joint ventures, general and limited partnerships) and to limited liability companies, including the intricate income and loss allocation and tax basis rules applicable to nonrecourse financing, and the unique application of the family partnership as part of an estate plan.