Although the number of farm partnerships remains modest,1 the increase in use of limited liability companies in recent years2 has contributed to the need for planning for the retirement and death of partners in general partnerships, limited partnerships, limited liability companies (LLCs) and limited liability partnerships (LLPs), all of which are essentially taxed as partnerships.3 The significant differences in treatment of a partner at retirement and death compared to a sole owner or co-owner of assets add to the importance of careful planning in advance of either event.



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