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Closing a partnership

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  • Roland Slugg
    Well, YOU can't close someone else's partnership ... only the partners can terminate their partnership.

    If you were really asking if you should prepare a "final return" for this partnership, as of 12/31/2013, that depends on whether or not the partnership was terminated on or before that date. Based on several things you wrote it doesn't sound like that's the case.

    "I have a client that IS part of a charter boat partnership." (Emphasis added)
    "The partner that owns the boat wants out."

    You should know more after the upcoming meeting with their lawyer.

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  • Vickie
    started a topic Closing a partnership

    Closing a partnership

    I have a client that is part of a charter boat partnership. He has a personal loan for the boat and does NOT run the charters. The other partner does and is not willing to give any financial information to complete the tax return. The partner that owns the boat wants out and they have a meeting with a lawyer. My question, do I close the partnership as of 12/31/13 and amend later if needed or wait.