My club originated in Rhode Island. When we started our
club in 1998 I had my lawyer review our partnership
agreement. At that time he said all we have to do is have
each partner sign the agreement and keep it filed. He said
that we did not have to file the partnership agreement with
the City or State. Each year we have been doing our taxes
accordingly using bivio club accounting to allocate monies.
Last year I moved to NV, but I continued to do my taxes the
same way. My accountant transfered the numbers from my K-1
to the appropiate places on my 1065. Since I am out of
State is there any other forms I should be filling out and
should we have filed our Partnership agreement with the
State of RI. Also since I do most of the accounting work
with our club we would like to change the address of the
club to my Nevada address...what kind of tax consequences
would this have for the Rhode Island members of our club?
And if I change the address do I have to file the
partnership agreement with the State of NV?

Any information will be helpful
Thank you
Lisa
Jescellebbie Investment Club of Rhode Island

Lisa Crandall wrote:
> My club originated in Rhode Island. When we started our
> club in 1998 I had my lawyer review our partnership
> agreement. At that time he said all we have to do is have
> each partner sign the agreement and keep it filed. He said
> that we did not have to file the partnership agreement with
> the City or State. Each year we have been doing our taxes
> accordingly using bivio club accounting to allocate monies.

Rhode Island has a partnership return which you should be
filing. It is a simple one page form (form RI-1065).

> Last year I moved to NV, but I continued to do my taxes the
> same way. My accountant transfered the numbers from my K-1
> to the appropiate places on my 1065.

I assume you mean to your 1040. Normally, you transfer
numbers from the 1065 to the K-1 to the 1040.

>Since I am out of
> State is there any other forms I should be filling out and
> should we have filed our Partnership agreement with the
> State of RI. Also since I do most of the accounting work
> with our club we would like to change the address of the
> club to my Nevada address...what kind of tax consequences
> would this have for the Rhode Island members of our club?

I don't know, but there is no real reason to do so. There is
no requirement that the treasurer, or any officer, be
resident in the state that the partnership is registered.
After all, look at all the corporations that are registered
in Delaware. It's just easier that way.

> And if I change the address do I have to file the
> partnership agreement with the State of NV?

Possibly. I don't know how NV handles partnerships.

> Any information will be helpful
> Thank you
> Lisa
> Jescellebbie Investment Club of Rhode Island

You're welcome.

Ira Smilovitz

Nevada doesn't have a state income tax therefore no
partnership return would be required.

Ira Smilovitz wrote:
> Lisa Crandall wrote:
> > My club originated in Rhode Island. When we started our
> > club in 1998 I had my lawyer review our partnership
> > agreement. At that time he said all we have to do is have
> > each partner sign the agreement and keep it filed. He said
> > that we did not have to file the partnership agreement with
> > the City or State. Each year we have been doing our taxes
> > accordingly using bivio club accounting to allocate monies.
>
> Rhode Island has a partnership return which you should be
> filing. It is a simple one page form (form RI-1065).
>
> > Last year I moved to NV, but I continued to do my taxes the
> > same way. My accountant transfered the numbers from my K-1
> > to the appropiate places on my 1065.
>
> I assume you mean to your 1040. Normally, you transfer
> numbers from the 1065 to the K-1 to the 1040.
>
> >Since I am out of
> > State is there any other forms I should be filling out and
> > should we have filed our Partnership agreement with the
> > State of RI. Also since I do most of the accounting work
> > with our club we would like to change the address of the
> > club to my Nevada address...what kind of tax consequences
> > would this have for the Rhode Island members of our club?
>
> I don't know, but there is no real reason to do so. There is
> no requirement that the treasurer, or any officer, be
> resident in the state that the partnership is registered.
> After all, look at all the corporations that are registered
> in Delaware. It's just easier that way.
>
> > And if I change the address do I have to file the
> > partnership agreement with the State of NV?
>
> Possibly. I don't know how NV handles partnerships.
>
> > Any information will be helpful
> > Thank you
> > Lisa
> > Jescellebbie Investment Club of Rhode Island
>
> You're welcome.
>
> Ira Smilovitz