The Tufts Law Firm have created a special Partners in Peril program that is aimed at providing business owners in closely-held partnerships, LLPs, limited partnerships and LLLPs, LLCs and S corporations with advice regarding the unique issues that can come up with pass-through treatment. Business owners may receive a K-1 and not realize what obligations that they may to act without delay, were anything inside the four corners of the K-1 in error. Additional problems can arise when there are tiered partnership structures, or layers of partnership-like entities that can make it nearly impossible for an owner way down the chain (called an indirect partner) to identify partnership items sourced in an upper-tier partnership entity In the Partners in Peril program, the Tufts Law Firm is available to guide business owners through these issues early on. If a business owner fails to take prompt action, he or she may later find that it is too late to contest matters, or the items passing through from an up-the-chain partnership entity. The rights and obligations owed to indirect partners is often times not addressed in the operating or partnership agreements, and this can create significant problems for owners who get an erroneous K-1, but don't know what to do. The filing of identification statements with the IRS, separate and apart from Form 8082 may be a critical step for an indirect partner to take, and the failure to do so, may prejudice his or her or its ability to have standing in TEFRA matters before the court.
Currently, the firm's services in these programs are: