Family LP's

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Message Board Family LP's

This topic contains 4 replies, has 2 voices, and was last updated by Lynn Freer 2 months, 1 week ago.

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  • #133754
    Anonymous

    We have a client that has an asset management partnership and the adult children receive K-1’s (this has been going on a while) from there. Can this be classified as a partnership or do we need to investigate whether the kids are performing services? I dont believe they are as previously they were in college and now they have their own jobs. Thanks

  • #133806
    Lynn Freer
    Participant

    If they are limited partners you can assume they aren’t performing services. And if they are getting K-1s I think it’s safe to assume it is a partnership

  • #133852
    Anonymous

    so when would the “assignment of income” come into place…if they arent performing services, can you still assign income

  • #134496
    Anonymous

    Just following up on this thanks

  • #134526
    Lynn Freer
    Participant

    I’m sorry I don’t understand your question.