|
|
|
 |
|
|
The agreements usually cover the same things as shareholder agreements in corporations. However, since the acts enabling these entities are much less detailed as to management and voting rights these agreements are usually much more detailed on these subjects. Transfer of an interest in a limited liability company and partnership can be absolutely prohibited without the consent of the other partners. LLC and partnership agreements often provide for this for tax or asset protection reasons. LLCs can be taxed as partnerships if the owners so desire (they usually do). The tax law provisions applying to partnerships allow a lot of flexibility, like different allocation of tax items to various partners and allow certain elections not available to corporations. For this reason these agreements often have quite complex provisions dealing with tax matters. || Back
to List of Topics
||
|
|
|
Donald M.
Thompson * Illinois Corporate Lawyer - 55 W. Monroe #3950;
Chicago, IL 60603 |
