Jan. 30, 2015
Who, me? Law firm partners, profits and payroll taxes
These days, being a partner in a law firm may not mean what it used to mean. Specifically, in law firms, at least, being named "partner" may not mean ponying up capital.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
These days, being a partner in a law firm may not mean what it used to mean. Perhaps that's true in some other professional fields too, like accounting. But in law firms, at least, being named "partner" may not mean ponying up capital.
It may not involve a stake in the firm's equity or profits. It may not come with much authority to sign for the firm either. But when it comes to taxes, partners are taxed differently ...
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