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CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3820
Experience:  over 40 years experience in tax matters
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In a three person partnership when 1 partners leaves after

Customer Question

In a three person partnership when 1 partners leaves after 34 days (Jan1-Feb3) is that partner entitled to see the partnership return for the entire year?
Submitted: 4 years ago.
Category: Tax
Expert:  CGCPA replied 4 years ago.

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The partner who left is not only entitled to see the partnership return for the entire year, he/she is also entitled to audit the partnership's records. The audit would be at that partner's own expense. The reason for this is that the partner is entitled to be certain that the reflection of income/loss is correct and is properly apportioned to him/her. If the remaining partners refuse this request the partner who left can take them to court and a court order will be granted to this effect. Then the remaining partners will face their own legal fees and court costs. The court may also compel them to reimburse the exited partner for audit costs.