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Tax treatments of partnerships and LLPs

Thursday, September 28, 2017 @ 8:24 AM | By David Rotfleisch

This is part two of a three-part series about the tax treatment of various forms of operation for law firms. Last week’s article was on sole proprietorships and associations

Law firm partnership 

The other historical, and previously only method of operation of a law firm with multiple equity owners, is a general partnership. Partnerships are creatures of the common law, although the rules have now been codified in statute, and exist whenever persons carry out business in common with a view to profit. While a partnership...