Lee B Posted October 21, 2022 Report Share Posted October 21, 2022 Longtime business clients for 29 years, just finalized their divorce. They each are 40 % owners ( Son owns 20 % ) of an LLC which has a mixture of 9 commercial and residential rentals. For 29 years I have communicated and met face to face with one spouse. My communications with the other spouse and the son has been pretty minimal. Since the spouse I have been dealing with is a minority owner, how do I handle this situation going forward? Hopefully you have some good suggestions Thanks in advance, Lee Quote Link to comment Share on other sites More sharing options...
Lion EA Posted October 21, 2022 Report Share Posted October 21, 2022 If your client is still the LLC/partnership, then you continue to deal with the "tax" partner. But, I'd ask if the same partner is continuing in that position. Quote Link to comment Share on other sites More sharing options...
Lee B Posted October 22, 2022 Author Report Share Posted October 22, 2022 45 minutes ago, Lion EA said: If your client is still the LLC/partnership, then you continue to deal with the "tax" partner. But, I'd ask if the same partner is continuing in that position. I did a little research into that and the TMP is now the "Partner Representative" which is not a legal designation with respect to making financial decisions. The Tax Advisor has a lengthy article about the issues: https://www.thetaxadviser.com/issues/2019/jan/appointing-partnership-representative.html The real question is, "Can a 40% partner designate themselves as the "Partner Representative" when the other two partners aren't really paying attention? Quote Link to comment Share on other sites More sharing options...
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