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Question 206: In an emergency medical partnership, one partner is a medical corporation. The rest of the partners are sole proprietorships. The partnership does not have any employees and has no plan. The corporation, consisting of the owner only, has a profit sharing plan. Most of the sole proprietors each sponsor a SEP. Each partner dervies 40-85% of his income from the partnership. Is this a problem? |
Answer: Yes, from several standpoints. Let's focus first on the sole proprietorships. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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