Course 5.5 · 60 minutes
Partnerships and Multi-Owner Businesses: K-1s, Basis, Allocations, and the Partnership Agreement
Understand how a partnership or multi-member LLC is taxed, read your own K-1, and put the tax provisions in your agreement that keep partners from fighting.
- Who it is for
- Anyone with a business partner, and anyone about to get one.
- Runtime
- 60 minutes
Pre-order: this course is still in development. Your purchase includes its materials as they are published in your portal. No release date is confirmed. Buy 5 or more and every course is 30% off.
After payment is confirmed and your access is set up, the files listed below can be downloaded from your portal. Any unpublished materials will be added when ready, at no additional charge.
Files currently available
- Partnership Agreement Tax Provisions Checklist.
- Partner Basis and Capital Account Tracker Guide.
- Partner Basis and Capital Account Tracker.
- K1 Line by Line.
- Section 754 Election Statement Template.
- Audit Regime Opt Out Decision Tree.
- Slide deck.
- Visual: Roadmap.
- Visual: Pass Through Flow.
- Visual: Basis Ladder.
- Visual: Book vs Tax Capital.
- Visual: Three Kinds of Money.
- Visual: Built in Gain.
- Visual: Buyout With and Without 754.
- Visual: Audit Regime Flow.
- Visual: Three Year Table.
- Visual: Accidental Partnership Tree.
- Workbook.
- The narrated lesson. 60 minutes, cued to the deck, with chapter markers by lesson. Added to your portal when published, at no extra cost. This purchase does not guarantee that the narrated lesson is available today.
What the course covers
- 01What a partnership is for tax: no entity tax, and the K-16 min
- 02Your basis: contributions, income, distributions, and your share of the debt8 min
- 03Capital accounts and allocations: the agreement governs, within limits8 min
- 04Guaranteed payments, distributive shares, and self-employment tax6 min
- 05Contributing property: built-in gain follows the contributor5 min
- 06Distributions, hot assets, and the section 754 election when a partner dies or buys in8 min
- 07The centralized audit regime and the small partnership opt-out5 min
- 08Worked example: a three-partner LLC over three years, including one partner's buyout9 min
- 09Tricks of the trade, traps, and action plan: preferred returns, profits interests, negative capital, and the accidental partnership5 min
How it fits: Requires 5.1 and 5.2. Pairs with 6.4 and 8.5.
The standard every course holds
- A narrated lesson of 45 to 60 minutes, produced as audio
- A designed slide deck you download and keep
- A computational workbook that runs the actual legal tests
- A toolkit of checklists and protocols
- A legal authority appendix carrying the two-pass vetting protocol
Written for a diligent reader with no legal education. Professionally narrated using a studio voice model of Brian T. Boyd. The course is recorded instruction, not a live consultation.
Where this course sits
Track 5: Entity Types for Businesses
This course is one step in a track built around a single outcome. See the full build order and the other courses that get you there.
Back to this trackEducational material from the private client curriculum of Brian T. Boyd. This is legal education for a general audience, not legal advice, and no attorney-client relationship is created by purchasing, viewing, or using it. Tax outcomes depend on your facts and your state.