New Partner Tax Assistance
As a new partner in a law firm, you have more challenges and responsibilities than ever before with what may seem like a lot less time. We can help manage the time-crunch, at least when it comes to your personal tax situation and transition into partnership, so that you can focus on your billable hours.
ORBA’s Law Firm Group has experience with helping our clients understand the changes to their tax and financial situations. As a new partner, you may be presented with multiple documents to review and sign, such as purchase, operating or shareholder and buy-sell agreements, among others. In addition, you may no longer be considered an “employee.” Instead, you will probably be one of the following:
- Corporate shareholder, with the corporation being taxed as a C or S corporation;
- Member of a limited liability company (LLC), with the LLC being taxed as a partnership, C or S corporation; or
- Partner in a partnership, with the entity being taxed as a partnership, C or S corporation.
The different combinations of your individual and entity classifications can create significant tax consequences. At ORBA, we will inform you of the new tax obligations and rules that will now impact you, as well as keep you informed of developments through your career.