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Thursday, February 3, 2011

Agenda for the Annual Meeting of the Partners

February is the time to schedule the annual meeting of the partners for your family limited partnership (or limited liability company).  The maximum benefits of a family partnership are achieved when the formalities of administering the partnership like a business are followed such as, regular meetings of the partners (with  minutes) and separate bank accounts, books and records for the partnership.


Some items that could be discussed at the annual meeting include:

  1. Review the partnership tax return.
  2. Review partnership distributions in the prior year.
  3. Consider investments for the current year.
  4. Consider distribution needs for the current year.
  5. Review operational costs.
  6. Review current status of partners, including financial or marital issues that may impact the partnership.
  7. Consider transfers/gifts in the current year.
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