Summary of Prior ProvisionsThe old TEFRA rules provided a “small partnership” was automatically exempt from an entity-level audit by the IRS. To be a “small partnership,” an LLC must generally have fewer than 10 partners and have no members who were an LLC or a corporation. Furthermore, the qualification of being a small partnership was determined on an annual basis, and it was possible for a partnership to be covered by the TEFRA entity-level audit rules in one year and not in a subsequent year. … [Read more...] about New IRS Audit Rules: Is Your Healthcare LLC Ready?
Llc s corp election
Liberal billionaire hedge fund manager George Soros* made it on the list, donating about $2.8 million split among four Democratic groups. His children Andrea, Alexander and Jonathan also each donated six-figure sums to Democratic super PACs, as did his daughter-in-law Melissa, bringing the family’s total giving to $5.1 million, enough to rank 18th. … [Read more...] about Adelson Gave $40 Million to Super PACs in Final Weeks of Election
So the Board seems to have denied these IPR petitions on the grounds that: (1) a real party in interest (e.g., VeriFone) would have been barred due to the 2008 litigation, and (2) because, procedurally, any correction of the petition would also fall necessarily outside of the statutory one-year bar of the 2013 litigation. This case provides another example of how the Board interprets facts relating to real parties in interest and an example of the Board’s decision to apply the one-year IPR bar under 35 U.S.C. 315(b) to corrections of real parties in interest in IPR petitions. … [Read more...] about Patent Board Denies First Data Corp. IPR Petitions Based on Real Party In Interest and One-Year Bar
Venture capital or private equity investors often want to insert one (or more) of their own onto the boards of directors for their portfolio companies. That makes perfect sense because the investors have a vested interest in keeping abreast of the progress of their investment. The investors also typically have a wealth of experience that adds tremendous value to the development of the company, when they serve on the board. The rub is that serving on the board opens a Pandora’s Box for liability in the form of fiduciary duties. … [Read more...] about Should Investors Buck the Status Quo with LLCs?
(2) In any transaction in connection with securing employment, to a person who is or is about to become an officer of the limited liability company or a manager (as appointed or elected by the members) of the limited liability company, or of any parent or subsidiary thereof. … [Read more...] about Foreign LLCs Take Note: This California Legislative Oversight May Affect You Too