How will my business partner’s divorce affect the LLC we have together?

Question.How will my business partner’s divorce affect the LLC we have together? Answer. In Texas, a member’s interest in an LLC may be community property; however, a member’s rights under the Operating Agreement (e.g., right to participate in the management of the business) are not. Therefore, if one LLC member gets a divorce, they won’t… [Read More]

What is Innocent Spouse Relief?

Generally, both you and your spouse are responsible, jointly and individually, for paying any tax, interest, or penalties from your joint return. If you believe your current or former spouse should be solely responsible for an erroneous item or an underpayment of tax from your joint tax return, you may be eligible for innocent spouse… [Read More]