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Chapter Summary

Section 15.1: Partnership Formation​

  • Partnership agreement
  • Initial contributions
  • Capital accounts

Section 15.2: Decision-Making and Allocation​

  • Decision processes
  • Profit/loss allocation
  • Capital account maintenance

Section 15.3: Income Allocation​

  • Various methods
  • Capital ratio, equal shares, etc.
  • Proper accounting

Section 15.4: Partner Changes​

  • Admission of partners
  • Withdrawal of partners
  • Proper accounting

Section 15.5: Dissolution​

  • Liquidation process
  • Asset distribution
  • Final accounting

Section 15.6: Luxembourg Forms​

  • SNC and SCS
  • Characteristics
  • Differences

Section 15.7: Requirements​

  • PCN requirements
  • Legal requirements
  • Compliance