I Think There Was an X and a Q in the Word

Mr. Partner is convalescing nicely--or about as nice as can be expected--after spending a week in the ICU. We found out last week about his plight through the grapevine. Mr. Partner told us personally on Monday through an e-mail. He had some sort of issue that required surgery and had a big fancy name that impressed me to no end that he could spell it.

The upshot is Mr. Partner is alive and well. I am pleased to hear that. I am quite fond of Mr. Partner.

Last week when we were only getting snippets from hither and yon, I started thinking about what happens if Mr. Partner has an untimely demise. This of course is very different than when I pleasantly daydream about how much work Mr. Partner and Marty Sunshine will have on their plates if I had an untimely demise...

This is different. This is an asset question.

Mr. Partner has a quarter share in our LLC (Mrs. Partner has a quarter share too--just like Marty Sunshine and myself). So, the partnership would then be divided into thirds if I read my articles of formation correctly. This changes things for tax purposes. And changes the dynamics of the partnership too.

All the same, it gets complicated and tricky. I would then defer to CPA Diamond Jim who would have to figure a few things out.  And I am sure there would be long, hard to spell words in that transition too. So, it is definately for the best that we keep Mr. Partner around for a while.