SUPPLEMENT UPDATE: Texas Limited Liability Companies Under the Business Organizations Code: Forms and Practice Manual November 2023 (1.17)

by William P. Bowers, Esq., George W. Coleman, Esq., Patrick O’Daniel, Esq., and Cliff Ernst, Esq. (2023)

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SUPPLEMENT UPDATE: Texas Limited Liability Companies Under the Business Organizations Code: Forms and Practice Manual November 2023 (1.17)

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William P. Bowers, Esq., is a shareholder in the Dallas office of law firm Fulbright & Jaworski L.L.P., where he specializes in federal income tax. Mr. Bowers is also an adjunct professor in the University of Texas School of Law and in the Masters of Tax Program at Georgetown University School of Law. He received his B.B.A. in Accounting from Texas A&M University; his J.D. from Southern Methodist University; and his LL.M. in Taxation from Georgetown University Law Center.

George W. Coleman, Esq., is of counsel to Bell, Nunnally & Martin LLP. Mr. Coleman has extensive experience in structuring and negotiating complex business transactions and in negotiating complex partnership and LLC structures, including handling the acquisition and disposition of businesses, the financing of business activities, the creation of business entities, family succession planning, and assisting committees of boards of directors. He received his B.S. in Petroleum Engineering from the University of Oklahoma and his LL.B. from Southern Methodist University.

Patrick L. O'Daniel, Esq., is a partner in the Austin office of law firm Fulbright & Jaworski, L.L.P., where he specializes in federal income tax. Mr. O'Daniel advises on a variety of international and domestic issues concerning the formation, operation, acquisition, merger, combination, liquidation and disposition of partnerships, limited liability companies, and corporations. He received his B.B.A. in Accounting from the University of Texas (with highest honors) and his J.D. from the University of Texas School of Law (with high honors).

Cliff Ernst, Esq., is a partner of the law firm McGinnis Lochridge LLP in Austin, Texas. Mr. Ernst received a B.A. in English from Oklahoma State University in 1975 and a J.D. from the University of Texas in 1978. Mr. Ernst was admitted to the State Bar of Texas in 1978. Mr. Ernst’s professional affiliations and activities include American Bar Association: Business Law Section; State Bar Association: Business Law Section; State Bar of Texas Legal Opinions Committee; Austin Bar Association: Business, Corporate and Tax Section; UT Law Continuing Legal Education, LLCs, LPs and Partnership; and Planning Committee Co-Chair (2014 to present).


Important features of this year's supplement include:

  • Analysis of recent caselaw developments that highlight the need to follow the tax allocations provisions of a company agreement and the adverse tax results that can arise from the failure to do so. Specifically, Clark Raymond & Co., PLLC v. Commissioner, T.C. Memo 2022-105.
  • Discussion of the continuing evolution of the IRS’ most recent thinking on the definition of “profits interests” and “capital interests” within the meaning of Revenue Procedure 93-27, as illuminated in ES NPA Holding, LLC v. Commissioner, T.C. Memo. 2023-55.
  • Examination of the IRS’ recent challenges to the limited partner exceptions for self-employment taxes.


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