>>Why did you assess each member a closing fee? Charlie

I suspect the "closing fee" was actually just setting aside whatever money would be required to complete the final tax filing and partnership dissolution.

 

I usually recommend that club's enter their estimates of these costs as expenses before processing the final distributions. The net result is the same. These costs could include tax software (or in the case of bivio, an additional 6-12 months subscription), copying and postage costs, brokerage account termination fees, and possible state partnership dissolution fees.

 

Ira Smilovitz