This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
Kentucky Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership
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FAQ
To make payments, the FEIN is required along with the Kentucky Corporate/LLET 6-digit account number.
Kentucky enacts new pass-through entity (PTE) tax election. The new PTE tax election allows owners of entities making the election to benefit from deductions that exceed the current $10,000 limit.
These partnerships are required by law to file a Kentucky Partnership Income and LLET Return (Form 765). Form 765 is complementary to the federal form 1065. HOW TO OBTAIN ADDITIONAL FORMS. Forms and instructions are available at all Kentucky Taxpayer Service Centers (see page 19).
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. That means that if you buy a piece of qualifying Kentucky Gauge equipment, you can deduct the FULL PURCHASE PRICE from your gross income.
A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.
For purposes of this subsection, a "qualified investment partnership" means a pass-through entity that, during the taxable year, holds only investments that produce income that would not be taxable to a nonresident individual if held or owned individually.
?If a business does not qualify for the small-business exemption and has total gross receipts or total gross profits in excess of $6 million, it multiplies its Kentucky gross receipts by 0.095% and its Kentucky gross profits by 0.75% to figure its LLET liability.
To obtain your valid Kentucky Corporation/LLET account number, please contact the Department of Revenue at (502) 564-3306. To submit payment online, visit .
