News & Analysis as of

Limited Liability Partnerships

The PSC Regime: One Year On

by Reed Smith on

The people with significant control (PSC) regime was introduced on 6 April 2016. This means that, for the last year, most UK companies and limited liability partnerships (LLPs) have been required to keep and maintain a PSC...more

Singapore Legal Update - April 2017

by Allen & Overy LLP on

The New Registers of Registrable Controllers and Nominee Directors - Companies incorporated in Singapore and foreign companies registered to carry on business here have 60 days from 31 March 2017 to keep a register of...more

New UK Reporting Requirements On Payment Practices For Large Businesses

by Morrison & Foerster LLP on

Under new rules that came into effect in the UK on 6 April 2017, certain large companies and large limited liability partnerships (LLPs) will be required to regularly publish public reports on their payment practices and...more

The duty to report on payment practices comes into force

by Dentons on

The duty on companies to publish reports on their payment practices and performance, set out in section 3 of the Small Business, Enterprise and Employment Act 2015 (SBEE), comes into force on 6 April 2017. The duty will...more

New duty for large companies and LLP's

by DLA Piper on

The Reporting on Payment Practices and Performance Regulations 2017 (Regulations), come into force on 6 April 2017. These Regulations create a duty for large businesses (as further detailed below) to report on payment...more

Reform of the UK Limited Partnerships Act

by Goodwin on

The long awaited changes to the 1907 Limited Partnerships Act (the Act) will finally arrive on 6 April, despite the UK government initially opting to delay implementation until the results of the consultation into Scottish...more

A Quiet UK Budget for Asset Managers, But Other Recent Tax Changes Shouldn’t Be Forgotten

by Proskauer - Tax Talks on

After numerous UK tax changes affecting asset managers over the past few years – not least the wholesale re-vamping of the tax treatment of carried interest and other fund participations for investment fund managers – the UK...more

So You Want To ‘Make Partner’: A Word Of Warning To Junior Professionals, Watch What You Wish For

by Dickinson Wright on

Group medical and dental practices often look to expand their practices by hiring additional professionals, typically those with less experience than the equity owners of the practice group. Invariably, both the group...more

Big Changes in Pennsylvania for LLCs, LLPs, LPs, and GPs

by Barley Snyder on

A major overhaul and modernization of the laws governing unincorporated associations in Pennsylvania took effect Tuesday. Act 170 of 2016, signed into law in November and currently being tracked by Barley Snyder...more

IRS Announces Proposed Partnership Audit Regulations Which Impact Limited Liability Companies and Partnerships

by Roetzel & Andress on

The Internal Revenue Service (IRS) has released Proposed Regulations under Section 1101 of the Bipartisan Budget Act of 2015 (BBA), which provide that for tax years beginning after December 31, 2017, all entities taxable as...more

Late Payers Beware? New Obligation on Large Companies to Report on Payment Practices

by Reed Smith on

Under new regulations to be made under section 3 of the Small Business, Enterprise and Employment Act 2015 (the Payment Reporting Regulations), large UK companies will be required on a half-yearly basis to prepare and publish...more

Reporting on payment practices and performance

by Dentons on

New rules requiring large companies and large limited liability partnerships to publish information about their payment practices and performance are likely to come into force in April 2017....more

[Webinar] Self-Employment Tax and LLCs; New Partnership Audit Rules; Selected Issues from Heckerling - Jan. 24th, 12:00pm CT

by Thompson Coburn LLP on

In the webinar we will analyze a recent IRS memo delineating between when it will and will not respect efforts to make a member of an LLC subject to self-employment tax. We will become sensitized to how upcoming partnership...more

Real Estate Advisory: Canada Revenue Agency Announces Changes to Treatment of U.S. LLLPs and LLPs

by Sherman & Howard L.L.C. on

The Canada Revenue Agency (CRA) recently announced a change in the treatment of U.S. limited liability limited partnerships and U.S. limited liability partnerships (the “Entity Types”) for Canadian tax purposes. For Canadian...more

Proposed Amendments to SCA Reduce Regulatory Burden, Improve Transparency

by Morgan Lewis on

Singapore’s Ministry of Finance (MOF) and Accounting and Corporate Regulatory Authority (ACRA) have invited public feedback on amendments to the Singapore Companies Act aimed at reducing regulatory burden and improving...more

Limited Partners Take a Licking in Two Delaware Supreme Court Decisions

by Farrell Fritz, P.C. on

Notwithstanding the ascendency of the limited liability company, the Delaware limited partnership continues to serve as an important, tax-advantaged vehicle for certain capital-intensive ventures — especially in the energy...more

Wealth Management Update - December 2016

by Proskauer Rose LLP on

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Significant Change In CRA Policy Harms Canadian Investors In US LLPs And LLLPs

by Dickinson Wright on

Earlier this year the Canada Revenue Agency (“CRA”) announced its new administrative position that limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) formed under the laws of Delaware...more

Forfeiture of an LLP Member's Profit Share

by Dechert LLP on

A recent English Court decision confirms that members of LLPs who breach their fiduciary duties are at risk of having their remuneration (including that received by way of profit share) forfeited. This is in addition to...more

It's Time For Your Buy-Sell Checkup!

by Burr & Forman on

Shareholders, Partners and/or LLC members of any closely-held or family-held company should check the buy-sell formula contained in their Shareholder Agreement (sometimes called a Buy-Sell Agreement), Partnership Agreement or...more

Common pitfalls to avoid when preparing your PSC Register

by Reed Smith on

As part of the government’s bid to increase transparency of company ownership and control, most companies and LLPs in the UK are now required to maintain a PSC (‘persons with significant control’) Register. Despite a raft of...more

Federally Proposed Rules to Increase Tax Cost of Family-Entity Transfers

by Perkins Coie on

The federal government proposed sweeping new tax rules earlier this month that would dramatically affect family businesses, investment partnerships and other entities.  These rules, which have been widely reported, would...more

IRS Issues Guidance to Partnerships Opting-In to New Partnership Audit Regime

The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more

IRS Issues Guidance to Partnerships Opting-In to New Partnership Audit Regime

The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more

IRS Proposes Regulations That Would Eliminate Most Valuation Discounts for Transfers of Interests in Family Entities

The Internal Revenue Service (IRS) released regulations on August 2, 2016 that would limit the use of discounts when valuing interests in family entities for estate, gift and generation-skipping transfer tax purposes. If...more

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