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Partnership agreement
I am looking for the information or email where the
recommended wording for amending the partnership agreement
to either opt out of the irs audits or what ever my club
decides to do tomorrow. I am not finding what i need.

colleen goings
Colleen,

Here is what we did with both of my clubs.  It is a combination of what bivio and IClub recommended.

"Designation and Election Under 26 US Code Sections 6221-6223. The Partnership's Treasurer shall be the designated Partnership Representative (PR) for purposes of 26 USC Section 6223 and shall responsible for dealing with the IRS in the event of an audit. Unless otherwise directed by the Partners, the PR shall annually, in connection with filing the Partnership's IRS Form 1065 tax return, indicate the Partnership elects to be treated under 26 USC subsection 6221(b)(1)(a), that is, an election out of the audit rules of 26 USC Section 6221. The Treasurer shall include with such election any required information to make such election effective. In the event of an IRS audit, the PR will represent the Partnership but is not authorized to make any settlement agreement without the three-quarters majority consent of the current Partners. Partners shall consist only of individuals; no trust or partnership may be a Partner."

Ye ole bud,....Larry
Larry Reno


-----Original Message-----
From: Colleen Goings via bivio.com <user*15498700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Sun, Nov 18, 2018 10:46 pm
Subject: [club_cafe] Partnership agreement

I am looking for the information or email where the
recommended wording for amending the partnership agreement
to either opt out of the irs audits or what ever my club
decides to do tomorrow. I am not finding what i need.

colleen goings
See

https://www.bivio.com/club_cafe/mail-thread?p=261340100003

Bob
> On Nov 18, 2018, at 10:45 PM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
>
> I am looking for the information or email where the
> recommended wording for amending the partnership agreement
> to either opt out of the irs audits or what ever my club
> decides to do tomorrow. I am not finding what i need.
>
> colleen goings

This includes our recommendation for the partnership agreement language you should adopt:

https://www.bivio.com/club_cafe/mail-thread?p=261340100003

We would not recommend the language that Larry's club has used.

Laurie Frederiksen
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On Mon, Nov 19, 2018 at 4:59 AM Robert Shaw via bivio.com <user*27509400001@bivio.com> wrote:
See

https://www.bivio.com/club_cafe/mail-thread?p=261340100003

Bob
> On Nov 18, 2018, at 10:45 PM, Colleen Goings via bivio.com <user*15498700001@bivio.com> wrote:
>
> I am looking for the information or email where the
> recommended wording for amending the partnership agreement
> to either opt out of the irs audits or what ever my club
> decides to do tomorrow. I am not finding what i need.
>
> colleen goings

Larry, I think you did a great job.