Partnership Withdrawal Considerations
It is important that you plan in advance for the inevitable time when someone will request to make a full or partial withdrawal from your club. This paragraph and the next one define how such a request should be made and the procedure which will be used to determine the payment amount and make the payment.
There are complicated tax and accounting issues involved with the withdrawal of assets from a partnership. It is highly recommended you use the wording recommended here and in the next paragraph unless you receive outside professional advice that would allow you to make changes with a complete understanding of the issues that might be raised by doing so.
You can find more information about withdrawals discussed in the help topics covering withdrawals which you will find on our help page .
Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.