Page 255 - 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
 Is the partnership required to maintain insurance in favor of the partnership representative?
 Is there an offset for indemnified expenses for amounts paid by insurance?
 Is the partnership representative required to tender defense to the partnership?
 Who controls defense of claims against the partnership representative?
 Who controls settlement of claims against the partnership representative?
 Are their conditions imposed on control of settlement (such as a deposit of settlement funds in a bank prior to settlement)?
 Are their conditions on the partnership controlling defense?
 Who has the right to participate in the defense?
 Who selects counsel?
 What limitations are placed on counsel?
 Does the partnership representative pay for counsel?
 Does the partnership approve expenses in advance?
 When is payment of indemnified items made?
 Will the partnership advance expenses?
 What are the contingencies for entering into a settlement?
 When does the indemnification agreement expire? Does indemnification survive the dissolution of the partnership? How is post-dissolution indemnification funded?
 Is the right of indemnification limited to partnership assets? Can the partnership defeat indemnification by dissolving and distributing assets in bankruptcy?
 What procedure is provided for resolution of disputes concerning indemnification?
 Is there an obligation of cooperation with defense? 186
© Terence Floyd Cuff and Jerald David August, 2016