dorbitz
Level 2
12-06-2019
07:25 PM
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Again per attorney, original owner will lend the new "partnership" the money to open a new location. The new member has to forgo his draws up to the amount of that loan before he can "take" a draw based on profits.
So on the original owners 1040, the money received has no basis. He says "it's the right to come in on a good business". Are we talking "goodwill" here?
Thank you.
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