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LLC LIQUIDATIONS

From time to time, LLC lawyers are asked by their clients to handle LLC liquidations.  If the LLCs in question are multi-member LLCs taxable as partnerships, there can be major federal income tax traps in these liquidations.  One such trap is described succinctly but with great clarity in the post by Lou Vlahos of the FarrellFritz law firm under the following link:

http://www.taxlawforchb.com/2017/09/liquidating-a-partnership-interest-beware-the-effects-of-partnership-indebtedness/

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