Page 59 - The TEFRA Partnership Audit Rules Repeal:
P. 59
Partnership Agreement Provisions (cont.)
Provisions on the Selection and Removal of the Partnership Representative (cont.)
• The partnership agreement might specify other qualifications of the partnership representative (cont.)
• Multiple Questions:
− What are the limitations of powers of the partnership representative?
− Is the partnership representative subject to directions from the partnership? Whose direction is the partnership representative subject to?
− What is the compensation of the partnership representative?
− What is the standard of conduct that the partnership representative is
subject to?
− What are the indemnification provisions for the partnership representative?
− Do the partners waive the ability to sue the partnership representative?
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