Former Partner Wants info - Current Partners Refuse

Technical topics regarding tax preparation.
#1
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2611
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24-Jan-2019 2:16pm
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North Shore, Oahu
Partner D sells his share to a new partner D.

He wants info from me on the partnership financials.

Partner A, the managing member, asks me not to disclose anything to partner D involving the partnership's financials post-sale.

But if the old partner D is on the tax return and receiving a K1, don't I represent him as well?

Thanks in advance as always.
 

#2
supdat  
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25-Apr-2014 2:11pm
Location:
New York
You are the tax preparer for the entity, correct? In that case, for information beyond a partner's own Schedule K-1, I think you should be guided by the instructions of the managing member.
 

#3
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22-Apr-2014 3:06pm
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WA State
I get this on occasion.
Speak with your attorney and review the partnership's operating agreement with the managing partner.
Professionally, you don't want to be in a position of withholding information or providing information to an unauthorized party.
Tread carefully.
~Captcook
 

#4
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2611
Joined:
24-Jan-2019 2:16pm
Location:
North Shore, Oahu
This board is the best - thank you both.

I politely told them of my predicament and requested an updated, signed agreement with how to proceed in these cases. They replied saying that they would handle it internally and not put me in the middle.
 


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