Legal Question in Business Law in Wisconsin

Re: Partnerships

Technically, what you are asking is: do we buy the

assets of the partnership or the interest in the

partnership owned by the current owners. The results

vary in a number of respects.

If you buy the assets, your purchase price automaticlly

gives you a new basis to depreciate. Otherwise, a

tax election may be necessary. If you buy the entity,

you may take over licenses, etc., that won't require

relicensing. However, in an entity purchase, you may

find you are a sucessor to any liabilities of the

entity, as well.

There are a raft of legal liability and tax liability

issues associated with the answer to this question.

You should hire a competent lawyer and a good CPA to

assist you in your contemplated transaction.