Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Taking Money Out of a Partnership
There are three common ways to take money out of a partnership:
- Distributions of income
- Loans to partners
- Returns of capital
Distributions of Income
There are a few allocation methods used to distribute partnership net income:
- Relative capital investments of the partners.
- Specified ratios.
- Service contributions of the partners.
You can even use a combination of the above allocation methods. The most common method used to allocate partnership net income is the relative capital investment of each partner. For example, partnership A and B each contribute 50% of the capital. Each partner will receive 50% of net income.
Unequal Distributions:
Unlike the rules for S corporation distributions, where distributions must be made in accorance with the shareholder's percentage of stock ownership, a partnership's partnership agreement may stipulate that an unequal percentage of profits is to be distributed to a partner regardless of the amount of his capital contribution.
For example, if an S corporation has two shareholders, one with a 60% stock ownership and the other with a 40% stock ownership, a distribution to these stockholders must be 60% and 40%. On the other hand, in a partnership where partner A and B each make capital investments of 50% each, they may agree to pay 40% of net income to partner A and 60% to partner B.
Loans to Partners
Partners may borrow from the partnership. A promissory note, constaining the terms of the loan, should be prepared and signed by the partner. The terms should include, the amount to be financed (the principal), interest rate, repayment date(s), installment payment amounts, late payment penalties, etc.
Returns of Capital
You can take money out of a partnership by getting back part or all of your capital investment. A return of your capital is not taxable. However, if you liquidate the partnership and receive more than your capital investment, the excess is a capital gain. If you receive less than your investment, you have a capita loss.