{"id":134334,"date":"2024-10-30t12:00:02","date_gmt":"2024-10-30t16:00:02","guid":{"rendered":"\/\/www.g005e.com\/?p=134334"},"modified":"2024-10-30t18:06:07","modified_gmt":"2024-10-30t22:06:07","slug":"what-to-do-when-a-partner-becomes-disabled","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/10\/30\/what-to-do-when-a-partner-becomes-disabled\/","title":{"rendered":"what to do when a partner becomes disabled"},"content":{"rendered":"

\"man<\/strong><\/p>\n

what does the partnership agreement say? oops …<\/strong><\/p>\n

by ed mendlowitz<\/i>
\n202 questions and answers: managing an accounting practice<\/i><\/a><\/p>\n

question:<\/strong> my partner has been out sick for the past 3\u00bd months, and he has been continuing\u00a0to get his draw. it looks like he will be out for some time more, but not sure how long.<\/p>\n

more: <\/b>do as little as possible<\/a> | want to merge? here are 23 things to request<\/a> | i\u2019m just starting out; why join an association?<\/a> | don\u2019t blame the client for your location<\/a> | realign partners with monthly meetings<\/a> | i\u2019m 76. should i slow down? how?<\/a> | who to hire when it\u2019s time to grow<\/a> | hourly billing doesn\u2019t cover the value; now what?<\/a> | ask for what you\u2019re worth<\/a> | the top tip for reviewing tax returns<\/a> | you have to start somewhere<\/a> | two options for collecting past due fees<\/a> | you can\u2019t win with lowballing<\/a> | nine reasons not to specialize<\/a> | when board service gets tricky<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n

 <\/p>\n

he does\u00a0make some calls from home, but isn\u2019t really doing any work. is there anything i can do?
\n
\nresponse:<\/strong> my first reaction is that a partnership agreement would cover this, but they don\u2019t\u00a0have one. i started to discuss what would be in an agreement if they had one and perhaps they\u00a0should deal with this issue accordingly.<\/p>\n

i suggest that agreements provide for full draw or salary for three months, and half salary for three months thereafter, and then nothing until they return on the same basis as before the illness or disability. if they continue to not perform for 18 months in a 24-month period, then the buyout provisions get activated. during this period, they will still participate in the profits at their regular percentage. note that the profits will be higher because of their reduced salary payments, and they will share in that based on their percentage.<\/p>\n

the easy part is described above. the hard part is telling them. you need to do it and the sooner the better. if there is a fight or disagreement, deal with it now.<\/p>\n

you were both negligent in not executing an agreement and now you need to deal with the unpleasantness arising from this neglect.<\/p>\n

by the way, each of the partners should be responsible for obtaining personal disability income policies and these usually kick in after three months. cutting their draw should not cause your partner undue financial hardship.<\/p>\n

a lesson here is to draw up an agreement if you do not have one. and get it done now \u2013 it is necessary, important and will make your life better!<\/p>\n","protected":false},"excerpt":{"rendered":"

what does the partnership agreement say? oops …<\/strong>
\n\"\"<\/a>
\nby ed mendlowitz<\/i>
\n202 questions and answers: managing an accounting practice<\/i><\/a><\/p>\n","protected":false},"author":1341,"featured_media":134353,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3120,3002,2298,2266],"tags":[],"class_list":["post-134334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pro-member-exclusive","category-special","category-succession","category-partner"],"acf":[],"yoast_head":"\nwhat to do when a partner becomes disabled - 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