Page 254 - The TEFRA Partnership Audit Rules Repeal:

ALI CLE Live Video Webcast / “The TEFRA Partnership Audit Rules Repeal: Partnership and Partner Impacts” June 7, 2016, Jerald David August and Terence Floyd Cuff
 Resignation of the partnership representative.
 How does the partnership representative resign?
 The partnership agreement may indicate a period for notice before a resignation becomes effective.
 The partnership agreement might provide for compensating the partnership representative.
 Indemnification of the partnership representative. The partnership agreement presumably will have extensive provisions that indemnify the partnership representative. The provision might address these issues.
 Against what is the partnership representative indemnified?
 What matters are not indemnified (such as matters arising
out of negligence, bad faith, or willful misconduct)?
 Does the indemnification extend to criminal investigations and claims?
 Does the indemnification extend to punitive damages?
 To whom does the indemnification extend? Does it extend to employees, agents, and advisors of the partnership representative?
 What expenses are indemnified?
 What are the conditions on indemnification?
 How does the partnership representative claim indemnification?
 What notice to the partnership does the indemnification require? What information must the notice contain?
 Is indemnification contingent on this notice?
 Is there a term during which the partnership representative
must make a claim for indemnification?
 What documentation of an indemnified claim is required?
 What are the terms for payment of indemnified claims? Are payments made in advance?
© Terence Floyd Cuff and Jerald David August, 2016
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