At the Law Office of Anthony W. Greco, we understand the stress and life altering circumstances that individuals and companies often deal with when facing business disputes and business partnership disputes. That is why it is important to have an attorney who has extensive experience in choice of entity issues as well as other business law matters, and who can provide counsel and advice in an understandable, practical and effective manner.
There must be two or more owners in a business partnership seeking to make a profit. Income and losses pass through to partners for federal tax purposes even though the entity itself reports them. Losses, which can be used to offset income on personal income taxes, cannot exceed a partner’s basis and must overcome additional hurdles outlined by the Internal Revenue Code. Partners are jointly and severally liable for each other with regard to the partnership’s business. Also, a partnership can be utilized to take advantage of an exception to the “transfer-for-value-exception,” including within a corporate setting. This means that a non-insured partner or partnership can receive tax-free life insurance proceeds through a policy transfer of the insured partner on the policy. There are a host of other factors regarding an individual’s or company’s
converting to and out of partnership status that must be addressed with precision planning.
The Law Office of Anthony W. Greco is committed to providing each and every Client with professional, aggressive and practical representation, while being sensitive to the Client’s unique concerns and goals. With more than 18 years of experience, our firm is equipped to deal with all issues involved in business formation matters. Everything from transactional needs to partnership disputes leading to litigation, The Law Office of Anthony Greco is prepared to aggressively represent its Clients’ concerns and interests from the first day of representation for business planning through the possible dissolution of a partnership.