Corporations and Partnerships in Virginia

Corporations and Partnerships in Virginia
Publication Date: 2009
Electronic Forms: 24
Available Formats: Print (969 pages, looseleaf, 2 volumes)
  Electronic (searchable PDF via flash drive, CD, or immediate download)
  Both Print and Electronic formats
  Individual chapters available for download
Product #: 932

Information

Content Highlights:

  • Organization and Governance of Corporations
  • Basic Tax Aspects of Corporations
  • Federal and State Securities Regulation
  • Compensation and Fringe Benefits
  • Directors' and Officers' Liability
  • Dissension and Deadlock
  • Purchase and Sale of an Incorporated Business
  • Mergers and Other Reorganizations
  • Redemptions
  • Dissolution and Liquidation
  • Partnerships and Partnership Relations
  • Conversions and Mergers
  • Limited Liability Partnerships
  • Limited Partnerships
  • Tax Aspects of Partnerships
  • Transfers, Dissociation, and Dissolution

2016 Edition In Production. Purchase the 2009 edition today and receive the 2016 edition without charge.

Previously published as two different books, this two-volume set covers issues related to both corporations and partnerships for one price.

Coverage includes the formation and operation of different types of business entities, discussion of pre-incorporation planning, general corporate governance and management, the sale of assets, mergers and acquisitions, redemptions, liquidations, and much more. It also covers how the Internal Revenue Code, the Virginia Code, and federal and state securities laws and regulations affect both corporations and partnerships.


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You may also be interested in:


Contract Law in Virginia

Choosing a Virginia Business Entity

Limited Liability Companies in Virginia

Virginia Business Torts

Virginia Civil Practice Forms

Virginia Law and Practice: A Handbook for Attorneys

 

Table of Contents

CHAPTER LIST

1. Organization And Governance Of Corporations

2. Basic Tax Aspects Of Corporations

3. Federal Securities Regulation

4. State Securities Regulation

5. Compensation Arrangements And Fringe Benefits

6. Directors' And Officers' Liability

7. Dissension And Deadlock

8. Purchase And Sale Of An Incorporated Business

9. Mergers And Other Reorganizations

10. Redemptions

11. Dissolution And Liquidation

12. Introduction To Partnerships

13. Nature Of Partnership And Partnership Relations

14. Transfers, Dissociation, And Dissolution And Winding Up Of Partnerships

15. Conversions And Mergers

16. Limited Liability Partnerships

17. Limited Partnerships

18. Dissolution And Merger Of Limited Partnerships

19. Tax Aspects Of Partnerships


CHAPTER 1: ORGANIZATION AND GOVERNANCE OF CORPORATIONS  (back to top)

1.1 THE VIRGINIA STOCK CORPORATION ACT

1.2 INCORPORATION
      1.201 State of Incorporation
      1.202 Articles of Incorporation
      1.203 Name
      1.204 Purpose Clause
      1.205 Power Clause
      1.206 Duration
      1.207 Signature Required

1.3 CAPITALIZATION; SHARES OF STOCK
      1.301 In General
      1.302 Authorized Shares
      1.303 Classes and Series of Stock
      1.304 Consideration for Shares
      1.305 Certificates for Shares
      1.306 Cumulative Voting
      1.307 Pre-emptive Rights
      1.308 Subscription for Shares

1.4 DIRECTORS, OFFICERS, AND AGENTS
      1.401 Directors
      1.402 Officers
      1.403 Indemnity for Officers and Directors
      1.404 Registered Agent and Office

1.5 FILING AND FEES
      1.501 Filing Articles
      1.502 Certificate of Incorporation
      1.503 Charter Fees and Annual Registration Fees

1.6 POST-INCORPORATION ORGANIZATION
      1.601 Organizational Meeting
      1.602 Bylaws
      1.603 Corporate Seal
      1.604 Minute Book
      1.605 Shareholder Meetings

1.7 DISPOSITION OF ASSETS
      1.701 Disposition of Assets in the Regular Course of Business
      1.702 Disposition of Assets Other Than in the Regular Course of Business
      1.703 Abandonment of the Transaction
      1.704 Restricted Businesses
      1.705 Appraisal Rights
      1.706 Tax Aspects

1.8 MERGERS AND SHARE EXCHANGES
      1.801 General Requirements for Mergers
      1.802 General Requirements for Share Exchanges
      1.803 Shareholder Approval
      1.804 Merger of Subsidiary
      1.805 Articles of Merger or Share Exchange
      1.806 Effect of Merger or Share Exchange
      1.807 Merger with a Foreign Corporation or Other Eligible Entity
      1.808 Appraisal Rights
      1.809 Tax Aspects

1.9 DOMESTICATIONS AND CONVERSIONS
      1.901 In General
      1.902 Requirements for Domestication
      1.903 Board and Shareholder Approval
      1.904 Foreign Corporations; Articles of Domestication
      1.905 Domestic Corporations; Surrender of Articles of Incorporation
      1.906 Effect of Domestication
      1.907 Abandonment of Domestication
      1.908 Requirements for Conversion
      1.909 Action on Plan of Entity Conversion
      1.910 Articles of Entity Conversion
      1.911 Effect of Entity Conversion
      1.912 Abandonment of Entity Conversion

1.10 APPRAISAL RIGHTS
      1.1001 In General
      1.1002 Assertion of Rights by Beneficial Owners and Nominees
      1.1003 Notice of Appraisal Rights
      1.1004 Procedure for Asserting Appraisal Rights
      1.1005 Procedures When Shareholders Are Dissatisfied with Payments or Offers

1.11 DISSOLUTION
      1.1101 In General
      1.1102 Dissolution by Directors and Shareholders
      1.1103 Resolving Known and Unknown Claims
      1.1104 Judicial Dissolution
      1.1105 Voluntary Termination of Corporate Existence
      1.1106 Automatic or Involuntary Termination of Corporate Existence
      1.1107 Reinstatement
      1.1108 Survival of Remedies After Termination of Corporate Existence

1.12 FOREIGN CORPORATIONS
      1.1201 Authority to Transact Business Required
      1.1202 Consequences of Transacting Business Without Authority
      1.1203 Certificate of Authority
      1.1204 Corporate Name of Foreign Corporations
      1.1205 Registered Office and Registered Agent of Foreign Corporations
      1.1206 Service of Process on Foreign Corporations
      1.1207 Withdrawal of Foreign Corporations
      1.1208 Automatic Revocation of Certificate of Authority
      1.1209 Revocation of Certificate of Authority by the SCC

APPENDIX 1-1 APPLICATION FOR RESERVATION OR FOR RENEWAL OF RESERVATION OF A CORPORATE NAME (FORM SCC 631/830)

APPENDIX 1-2 ARTICLES OF INCORPORATION WITH INDEMNITY PROVISIONS

APPENDIX 1-3 ARTICLES OF INCORPORATION OF A VIRGINIA STOCK CORPORATION (FORM SCC 619)

APPENDIX 1-4 "BLANK CHECK" PROVISION

APPENDIX 1-5 NO PRE-EMPTIVE RIGHTS

APPENDIX 1-6 SUBSCRIPTION LETTER

APPENDIX 1-7 STATEMENT OF RESIGNATION OF REGISTERED AGENT (FORM SCC 636/835)

APPENDIX 1-8 UNANIMOUS WRITTEN CONSENT IN LIEU OF ORGANIZATIONAL MEETING

APPENDIX 1-9 CORPORATION BYLAWS

APPENDIX 1-10 UNANIMOUS ACTION BY SHAREHOLDERS IN LIEU OF SPECIAL MEETING

APPENDIX 1-11 CONSENT OF SHAREHOLDERS TO ACTION WITHOUT MEETING

APPENDIX 1-12 APPLICATION FOR A CERTIFICATE OF AUTHORITY TO TRANSACT BUSINESS IN VIRGINIA (FORM SCC 759/921)

APPENDIX 1-13 APPLICATION FOR AN AMENDED CERTIFICATE OF AUTHORITY TO TRANSACT BUSINESS IN VIRGINIA (FORM SCC 760/922)

APPENDIX 1-14 APPLICATION FOR A CERTIFICATE OF WITHDRAWAL OF A FOREIGN CORPORATION AUTHORIZED TO TRANSACT BUSINESS IN VIRGINIA (FORM SCC 767/929)

APPENDIX 1-15 GUIDE FOR ARTICLES OF DOMESTICATION (FORM SCC 722.4)

APPENDIX 1-16 GUIDE FOR ARTICLES OF INCORPORATION SURRENDER (FORM SCC 722.5)

CHAPTER 2: BASIC TAX ASPECTS OF CORPORATIONS  (back to top)

2.1 INTRODUCTION
      2.101 In General
      2.102 Tax Definition
      2.103 Factors Affecting the Decision to Incorporate

2.2 TAX-FREE INCORPORATION OF CORPORATIONS
      2.201 General Rule
      2.202 Transfer Concept
      2.203 Property Concept
      2.204 Control Concept
      2.205 Stock or Securities
      2.206 Effect of Receipt of "Boot"
      2.207 Determination of Basis
      2.208 Holding Periods

2.3 POSSIBLE TAX CONSEQUENCES OF TRANSFERS TO CORPORATIONS
      2.301 In General
      2.302 Recapture Property
      2.303 Swap Funds
      2.304 Incorporation of a Going Concern

2.4 AVOIDING TAX-FREE INCORPORATION
      2.401 Advantages of Avoidance
      2.402 Achieving a Taxable Transfer

2.5 CAPITAL STRUCTURE OF THE CORPORATION
      2.501 General Considerations
      2.502 Major Tax Considerations
      2.503 Debt in the Capital Structure
      2.504 Limitations on Use of Debt

2.6 TAX ACCOUNTING MATTERS
      2.601 In General
      2.602 Corporate Income Items
      2.603 Corporate Deductions
      2.604 Alternative Minimum Tax
      2.605 Fiscal Year
      2.606 Methods of Accounting
      2.607 Tax Elections
      2.608 Tax Return and Payment of Tax
      2.609 Earnings and Profits

2.7 OPERATION OF THE CORPORATION
      2.701 General Concepts
      2.702 Dividends
      2.703 Shareholders as Employees
      2.704 Leasing Property to the Corporation
      2.705 Loans to Shareholders

2.8 SECTION 1244 STOCK
      2.801 Background
      2.802 General Requirements

2.9 SMALL BUSINESS INVESTMENT INCENTIVES
      2.901 Targeted Capital Gains Exclusion
      2.902 Rollover of Gain into Specialized Small Business Investment Companies

2.10 SUBCHAPTER S ELECTION
      2.1001 Background
      2.1002 Requirements for S Corporation Status
      2.1003 Making the Election
      2.1004 Effect of Election
      2.1005 Termination of the Election
      2.1006 Tax at the Corporate Level
      2.1007 Distributions to Shareholders
      2.1008 Basis Adjustments
      2.1009 The Corporation's Taxable Year

2.11 UNREASONABLE ACCUMULATION OF EARNINGS
      2.1101 In General
      2.1102 Accumulated Taxable Income
      2.1103 Tax Avoidance Purpose
      2.1104 Reasonable Needs of the Business

2.12 PERSONAL HOLDING COMPANY
      2.1201 In General
      2.1202 Definition of "Personal Holding Company"
      2.1203 Personal Holding Company Income
      2.1204 Undistributed Personal Holding Company Income
      2.1205 "Dividends Paid" Deduction

2.13 MULTIPLE CORPORATIONS
      2.1301 In General
      2.1302 Controlled Groups
      2.1303 ERISA Provisions

APPENDIX 2-1 ELECTION BY A SMALL BUSINESS CORPORATION
(FORM 2553)

APPENDIX 2-2 QUALIFIED SUBCHAPTER S SUBSIDIARY ELECTION
(FORM 8869)

APPENDIX 2-3 SHAREHOLDER'S CONSENT TO SUBCHAPTER S ELECTION

APPENDIX 2-4 SAMPLE BENEFICIARY ELECTION FOR A QSST

APPENDIX 2-5 ELECTING SMALL BUSINESS TRUST ELECTION FORM

CHAPTER 3: FEDERAL SECURITIES REGULATION  (back to top)

3.1 INTRODUCTION

3.2 SECURITIES ACT OF 1933
      3.201 In General
      3.202 Definition of Security
      3.203 Definition of Sale
      3.204 Securities Exempted by Statute

3.3 OFFERS AND SALES OF UNREGISTERED SECURITIES
      3.301 In General
      3.302 Intrastate Offerings
      3.303 Transactions Not Involving Any Public Offering
      3.304 Section 4(6)
      3.305 Transactions Involving Limited Offerings: Regulation D
      3.306 Additional SEC Exemptions
      3.307 Integration

3.4 SECURITIES ACT REGISTRATION
      3.401 In General
      3.402 Forms
      3.403 Preparation of a Registration Statement
      3.404 Use of Proceeds
      3.405 Electronic Filings
      3.406 Informal Guidance Program for Small Businesses

3.5 RESALE OF SECURITIES
      3.501 In General
      3.502 Definition of Underwriter
      3.503 Rule 144

3.6 SECURITIES EXCHANGE ACT OF 1934
      3.601 In General
      3.602 Registration of Securities

3.7 PERIODIC REPORTING REQUIREMENTS
      3.701 In General
      3.702 Annual Report - Form 10-K
      3.703 Quarterly Reports - Form 10-Q
      3.704 Current Reports - Form 8-K
      3.705 Proxy Regulation
      3.706 Regulation of Insiders

3.8 ACQUISITION OF CONTROL AND TENDER OFFERS
      3.801 In General
      3.802 Acquisition of Control
      3.803 Tender Offer by Issuer for its Own Securities - Going Private
      3.804 Foreign Corrupt Practices Act

3.9 LIABILITY FOR VIOLATIONS OF SECURITIES LAWS
      3.901 Governmental Actions
      3.902 Private Actions Under the Securities Act
      3.903 Private Actions Under the Exchange Act

3.10 PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

3.11 SECURITIES LITIGATION UNIFORM STANDARDS ACT OF 1998

3.12 SARBANES-OXLEY ACT OF 2002

APPENDIX 3-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (FORM S-1)

APPENDIX 3-2 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (FORM S-3)

APPENDIX 3-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (FORM S-4)

CHAPTER 4: STATE SECURITIES REGULATION  (back to top)

4.1 INTRODUCTION
      4.101 In General
      4.102 Purpose of State Laws
      4.103 The Virginia Securities Act

4.2 REGISTRATION REQUIREMENTS
      4.201 In General
      4.202 Definitions

4.3 EXEMPTIONS FROM REGISTRATION
      4.301 In General
      4.302 Exempt Securities
      4.303 Exempt Transactions
      4.304 Solicitations of Interest
      4.305 Commission Exemptions
      4.306 Antifraud Provisions

4.4 THE REGISTRATION PROCESS
      4.401 In General
      4.402 Registration by Notification
      4.403 Registration by Coordination
      4.404 Registration by Qualification

4.5 REGISTRATION OF AGENTS
      4.501 In General
      4.502 Procedure for Registration
      4.503 Effective Date

4.6 LIABILITY FOR VIOLATIONS OF VIRGINIA ACT
      4.601 Criminal Penalties
      4.602 Investigations and Hearings
      4.603 Civil Liabilities
      4.604 Statute of Limitations
      4.605 Other Remedies

APPENDIX 4-1 NOTICE OF LIMITED OFFERING OF SECURITIES
(FORM VA-1)

APPENDIX 4-2 REGISTRATION BY NOTIFICATION (FORM S.A. 4)

APPENDIX 4-3 REGISTRATION BY NOTIFICATION (FORM S.A. 5)

CHAPTER 5: COMPENSATION ARRANGEMENTS AND FRINGE BENEFITS  (back to top)

5.1 INTRODUCTION
      5.101 In General
      5.102 Employment Relationship
      5.103 Corporate Authority
      5.104 Employment Agreements
      5.105 Salary and Bonus Arrangements
      5.106 Effect of Tax Law Changes
      5.107 Sarbanes-Oxley Act of 2002

5.2 IMPACT OF ERISA
      5.201 In General
      5.202 Pre-emption of State Law
      5.203 Written Plan Document and Fiduciary Procedures
      5.204 Definition of Fiduciary
      5.205 Four Basic Fiduciary Responsibilities
      5.206 Allocation or Assignment of Fiduciary Responsibilities
      5.207 Investment Responsibilities of Fiduciaries
      5.208 Participant Directed Investment
      5.209 Personal Liability for Fiduciary Breach
      5.210 Fiduciary Liability Insurance and Bonding
      5.211 Prohibited Transactions
      5.212 Reporting and Disclosure Requirements
      5.213 Pension Benefit Guarantee Corporation
      5.214 Claims Procedures

5.3 WELFARE BENEFITS
      5.301 In General
      5.302 Accident and Health Benefits
      5.303 Group Term Life Insurance Benefits
      5.304 Disability Insurance Benefits

5.4 CAFETERIA PLANS
      5.401 In General
      5.402 Medical Reimbursement Plans
      5.403 Dependent Care Plans

5.5 SPECIAL LIFE INSURANCE
      5.501 Split-Dollar Insurance
      5.502 Key Employee Insurance

5.6 QUALIFIED PENSION AND PROFIT SHARING PLANS
      5.601 In General
      5.602 Tax Consequences
      5.603 Classification of Plans
      5.604 Basic Requirements for Qualified Plans
      5.605 Special Provisions Permitted
      5.606 Limitations on Contributions and Benefits
      5.607 Profit Sharing Plan Formulas
      5.608 Pension Plan Formulas
      5.609 Top-Heavy Plans
      5.610 Required Forms of Payment

5.7 NONQUALIFIED PLANS
      5.701 Funded Plan
      5.702 Unfunded Plan
      5.703 Deferred Compensation Agreements
      5.704 Stock Options
      5.705 Incentive Stock Options
      5.706 Other Stock Arrangements
      5.707 Employment Tax Effects

5.8 SPECIAL PLANS
      5.801 Simplified Employee Pension Plans (SEPs)
      5.802 SIMPLE Plans

5.9 FRINGE BENEFITS
      5.901 In General
      5.902 Qualified Transportation and Parking Expenses
      5.903 No-Additional-Cost Service
      5.904 Qualified Employee Discount
      5.905 Working Condition Fringe Benefit
      5.906 De Minimis Fringe Benefit
      5.907 Employer-Provided Education Assistance

5.10 TAX CONSIDERATIONS IN DETERMINING COMPENSATION
      5.1001 In General
      5.1002 Test for Reasonable Compensation

5.11 MILITARY SERVICE - USERRA AND HEART ACT
      5.1101 Health Care Coverage
      5.1102 Benefits Based on Length of Service
      5.1103 Retirement Benefits
      5.1104 The HEART Act of 2008

5.12 SAME-SEX SPOUSAL BENEFITS

5.13 KATRINA AND OTHER HURRICANE RELIEF
      5.1301 In General
      5.1302 Relief for Distributions from Qualified Plans
      5.1303 KETRA Tax Law Relief
      5.1304 Welfare and Cafeteria Plan Extensions

CHAPTER 6: DIRECTORS' AND OFFICERS' LIABILITY  (back to top)

6.1 INTRODUCTION
      6.101 In General
      6.102 Duties of Directors and Officers
      6.103 Statutory Limitation on Damages

6.2 SOURCES OF CORPORATE DUTIES

6.3 THE DUTY OF CARE
      6.301 Case Law
      6.302 The Virginia Statute
      6.303 Limitation on Damages

6.4 THE DUTY OF LOYALTY
      6.401 In General
      6.402 Case Law
      6.403 The Virginia Statutes
      6.404 Interested Director and Officer Contracts
      6.405 Stock Transactions Enabling Incumbents to Strengthen or Retain Control
      6.406 Mergers Between Corporations With Common Directors
      6.407 Use of Corporate Funds by Directors in Proxy Contests
      6.408 The Corporate Opportunity Doctrine
      6.409 Limitation on Damages

6.5 LIABILITY FOR IMPROPER DISTRIBUTIONS
      6.501 In General
      6.502 Distribution to Shareholders
      6.503 Defenses and Contribution
      6.504 Relation to Other Laws

6.6 LIABILITIES UNDER THE FEDERAL SECURITIES LAWS

6.7 THE SECURITIES ACT OF 1933
      6.701 In General
      6.702 Liability in Registered Securities Distributions
      6.703 Liability for Failing to Register a Securities Distribution
      6.704 Liability for Inadequate Disclosure in an Unregistered Distribution
      6.705 Implied Remedies

6.8 THE SECURITIES EXCHANGE ACT OF 1934
      6.801 In General
      6.802 Exchange Act Registration and Periodic Reports
      6.803 Liability of Insiders and 10-Percent Shareholders
      6.804 Proxy Rule Violations
      6.805 Tender Offers
      6.806 Rule 10b-5 Liability
      6.807 Rule 10b-5: Trading and Tipping Using Inside Information
      6.808 Rule 10b-5 and Timely Dissemination of Corporate Information
      6.809 Rule 10b-5 and Corporate Mismanagement
      6.810 Directors' and Officers' Liability Under Rule 10b-5
      6.811 Other Securities Legislation

6.9 LIABILITY UNDER VIRGINIA SECURITIES LAW
      6.901 The Virginia Securities Act
      6.902 Civil Liabilities
      6.903 Criminal Responsibility
      6.904 Officers and Directors

6.10 SHAREHOLDER DERIVATIVE SUITS AND INDIVIDUAL ACTIONS
      6.1001 Derivative Suits
      6.1002 Requirements for Action

6.11 INDEMNIFICATION AND LIABILITY INSURANCE
      6.1101 In General
      6.1102 Indemnification
      6.1103 Liability Insurance

APPENDIX 6-1 INDEMNIFICATION PROVISION

CHAPTER 7: DISSENSION AND DEADLOCK  (back to top)

7.1 INTRODUCTION
      7.101 Generally
      7.102 Ethical Concerns

7.2 THE CONCEPTS OF DISSENSION AND DEADLOCK

7.3 SOURCES OF DISSENSION AND DEADLOCK IN A CLOSE CORPORATION

7.4 PRE-INCORPORATION PLANNING TO AVOID DISSENSION OR DEADLOCK
      7.401 At the Outset
      7.402 Stock Ownership
      7.403 Additional Considerations
      7.404 Special Charter Provisions

7.5 SHAREHOLDERS' AGREEMENTS: GENERAL CONSIDERATIONS
      7.501 Statutory Authority
      7.502 General Provisions

7.6 SPECIFIC AGREEMENT OPTIONS TO ADDRESS DISSENSION AND DEADLOCK
      7.601 Voting Trust or Voting Agreement
      7.602 Buy-Sell Option
      7.603 Majority Buyout
      7.604 Stock Redeemable at Holders' Option
      7.605 Extraordinary Dissolution Procedures
      7.606 Arbitration

7.7 ABSENCE OF PRE-INCORPORATION PLANNING
      7.701 Sale of Stock to a Third Party
      7.702 Sale of Assets to a Third Party
      7.703 Split-Up
      7.704 Stock Redemption or Stock Purchase Agreements
      7.705 Voluntary Liquidation and Dissolution
      7.706 Appointment of a Mediator
      7.707 Appraisal Rights
      7.708 Judicial Liquidation or Appointment of Custodian
      7.709 Other Litigation

APPENDIX 7-1 SHAREHOLDERS' AGREEMENT FOR A STOCK CORPORATION

APPENDIX 7-2 SHAREHOLDERS' AGREEMENT - RIGHT OF FIRST REFUSAL

APPENDIX 7-3 SHAREHOLDERS' AGREEMENT - PUT/CALL PROVISION

APPENDIX 7-4 SHAREHOLDERS' AGREEMENT - POWER OF ATTORNEY

APPENDIX 7-5 VOTING TRUST AGREEMENT

APPENDIX 7-6 STOCKHOLDERS' AGREEMENT

CHAPTER 8: PURCHASE AND SALE OF AN INCORPORATED BUSINESS  (back to top)

8.1 INTRODUCTION

8.2 FACTORS INFLUENCING THE FORM OF TRANSACTION
      8.201 In General
      8.202 Tax-Related Factors
      8.203 Significance of Tax Provisions
      8.204 Effect of a Business Transfer

8.3 SALE OF ASSETS
      8.301 In General
      8.302 Nontax Factors
      8.303 Tax Effect on the Selling Corporation
      8.304 Allocation of the Sales Price
      8.305 Liquidation of the Selling Corporation
      8.306 Retention of Sales Proceeds
      8.307 Liquidation Before Sale

8.4 SUBCHAPTER S CORPORATION ISSUES INVOLVING ASSET SALES
      8.401 The Seller
      8.402 The Buyer

8.5 SALE OF STOCK
      8.501 In General
      8.502 Nontax Factors
      8.503 Tax Treatment of the Corporation
      8.504 Tax Treatment of Shareholders
      8.505 Tax Treatment of the Buyer
      8.506 Sale of S Corporation Stock

8.6 LIQUIDATION OF ACQUIRED CORPORATIONS
      8.601 In General
      8.602 Liquidation of Subsidiary Corporations
      8.603 Insolvent Subsidiaries
      8.604 Tax Effect of Liquidation
      8.605 Basis of Assets

8.7 LEGAL OPINIONS

APPENDIX 8-1 CHECKLIST OF CONSIDERATIONS FOR THE SALE OR PURCHASE OF AN INCORPORATED BUSINESS

APPENDIX 8-2 CHECKLIST FOR PREPARING A CONTRACT FOR THE SALE OR PURCHASE OF AN INCORPORATED BUSINESS

APPENDIX 8-3 PLAN OF LIQUIDATION AND DISSOLUTION

APPENDIX 8-4 ASSET ACQUISITION STATEMENT (FORM 8594)

APPENDIX 8-5 CORPORATE DISSOLUTION OR LIQUIDATION (FORM 966)

CHAPTER 9: MERGERS AND OTHER REORGANIZATIONS  (back to top)

9.1 GENERAL CONSIDERATIONS
      9.101 Principal Advantages and Disadvantages
      9.102 Statutory Scheme
      9.103 Types of Reorganizations

9.2 REQUIREMENTS FOR ALL REORGANIZATIONS
      9.201 In General
      9.202 Plan of Reorganization
      9.203 Business Purpose
      9.204 Continuity of Proprietary Interest
      9.205 Continuity of Business Enterprise
      9.206 Investment Companies
      9.207 Step Transaction Doctrine

9.3 (A) REORGANIZATION: MERGERS AND CONSOLIDATIONS
      9.301 In General
      9.302 Virginia Statutory Requirements
      9.303 Internal Revenue Code Requirements

9.4 (B) REORGANIZATION: STOCK-FOR-STOCK EXCHANGES
      9.401 In General
      9.402 Virginia Statutory Requirements
      9.403 Internal Revenue Code Requirements
      9.404 Creeping Control Problem
      9.405 Liquidation of the Target Corporation

9.5 (C) REORGANIZATION: STOCK-FOR-ASSET EXCHANGES
      9.501 In General
      9.502 Virginia Statutory Requirements
      9.503 Internal Revenue Code Requirements

9.6 (D) REORGANIZATION: TRANSFER OF ASSETS TO A CONTROLLED CORPORATION
      9.601 In General
      9.602 Acquisitive (D) Reorganization
      9.603 Divisive (D) Reorganization

9.7 (E) REORGANIZATION: RECAPITALIZATION
      9.701 Exchange
      9.702 Stock or Securities
      9.703 No "Solely" Requirement
      9.704 No Continuity of Interest Required
      9.705 Examples

9.8 (F) REORGANIZATION: MERE CHANGE IN IDENTITY OR FORM

9.9 (G) REORGANIZATION: BANKRUPTCY REORGANIZATION

9.10 PRINCIPAL INCOME TAX CONSEQUENCES OF REORGANIZATIONS
      9.1001 Tax Consequences to the Acquiring Corporation
      9.1002 Tax Consequences to the Target Corporation
      9.1003 Tax Consequences to the Target Corporation's Share- holders
      9.1004 Tax Consequences to Nonstatutory Option Holders and Debtholders of the Target Corporation
      9.1005 Carryovers of Tax Attributes
      9.1006 Taxable Year of the Target Corporation
      9.1007 Tax Classification Elections of Disregarded Subsidiaries

9.11 I.R.C. sec. 351 AS AN ACQUISITION TECHNIQUE

9.12 SPECIAL PROBLEMS IN REORGANIZATIONS
      9.1201 Unwanted Assets
      9.1202 Dissenting Shareholders
      9.1203 Contingent or Escrowed Stock
      9.1204 Drop-Down or Push-Up of Stock or Assets
      9.1205 I.R.C. sec. 306 Stock
      9.1206 Assumption of Liabilities
      9.1207 Fractional Shares

9.13 CHOICE OF ACQUISITIVE REORGANIZATION
      9.1301 In General
      9.1302 (A) Reorganization
      9.1303 (B) Reorganization
      9.1304 (C) Reorganization

9.14 RULING REQUESTS

9.15 MISCELLANEOUS EMPLOYEE TAX MATTERS
      9.1501 Income Tax Withholding
      9.1502 Social Security Taxes
      9.1503 Federal Quarterly Reports, Form 941
      9.1504 Unemployment Taxes
      9.1505 Annual Wage Information Returns

9.16 FINANCIAL ACCOUNTING ASPECTS

9.17 CERTAIN SECURITIES LAW ASPECTS
      9.1701 In General
      9.1702 Registration
      9.1703 Exemptions

APPENDIX 9-1 SAMPLE FORMAT FOR A LETTER RULING REQUEST

APPENDIX 9-2 SAMPLE CHECKLIST FOR A LETTER RULING REQUEST

CHAPTER 10: REDEMPTIONS  (back to top)

10.1 INTRODUCTION
      10.101 Uses for Redemptions
      10.102 Funding for Purchase
      10.103 Collateral for Deferred Payments
      10.104 Management Participation

10.2 STATE LAW REQUIREMENTS FOR REDEMPTIONS

10.3 TAX TREATMENT FOR REDEEMED SHAREHOLDERS
      10.301 In General
      10.302 Internal Revenue Code (I.R.C.) sec. 302 Redemptions
      10.303 Redemption Upon Death
      10.304 Redemptions by Related Corporations
      10.305 Timing of the Redemption
      10.306 Installment Sales
      10.307 Treatment of Loss
      10.308 Constructive Dividend
      10.309 Restrictions on the Buyer
      10.310 Reporting Requirement

10.4 TAX TREATMENT OF THE CORPORATION UPON REDEMPTION
      10.401 General Rule
      10.402 Appreciated Property
      10.403 Installment Obligations
      10.404 Effect on Earnings and Profits Upon a Distribution in Redemption of Stock
      10.405 Tax Planning for "Loss" Assets

CHAPTER 11: DISSOLUTION AND LIQUIDATION  (back to top)

11.1 INTRODUCTION

11.2 COMPLETE LIQUIDATIONS
      11.201 In General
      11.202 Requirements of Complete Liquidation
      11.203 Tax Treatment of the Corporation
      11.204 Tax Treatment of a Shareholder

11.3 COMPLETE LIQUIDATION OF A SUBSIDIARY
      11.301 In General
      11.302 Basis of Property Received
      11.303 Election to Step Up Basis

11.4 DISSOLUTION OF A CORPORATION UNDER VIRGINIA LAW
      11.401 Voluntary Dissolution
      11.402 Disposition of Claims
      11.403 Early Termination of Corporate Existence
      11.404 Automatic Termination of Corporate Existence
      11.405 Reinstatement
      11.406 Involuntary Termination of Corporate Existence
      11.407 Judicial Dissolution
      11.408 Election to Purchase
      11.409 Survival of Remedies

APPENDIX 11-1 SAMPLE CORPORATE RESOLUTION AND PLAN OF LIQUIDATION

INDEX


Volume II

CHAPTER 12: INTRODUCTION TO PARTNERSHIPS  (back to top)

12.1 HISTORY OF THE UNIFORM PARTNERSHIP ACT

12.2 SUMMARY OF MAJOR CHANGES
      12.201 Generally
      12.202 Entity Theory of Partnership
      12.203 No Dissolution upon Change in Partnership Relations
      12.204 Explicit References to Fiduciary Duties
      12.205 Default Rules That May Be Overridden by Agreement

12.3 MECHANICS
      12.301 Central Filing
      12.302 Effective Date

APPENDIX 12-1 SUMMARY OF VIRGINIA UNIFORM PARTNERSHIP ACT (1996) (VRUPA), AS AMENDED THROUGH 2007, COMPARED TO VIRGINIA UNIFORM PARTNERSHIP ACT (VUPA)

APPENDIX 12-2 LIST OF STATE CORPORATION COMMISSION PARTNERSHIP STATEMENTS AND FEES

CHAPTER 13: NATURE OF PARTNERSHIP AND PARTNERSHIP RELATIONS  (back to top)

13.1 NATURE OF A PARTNERSHIP
      13.101 The Partnership as an Entity
      13.102 Formation of a Partnership
      13.103 Partnership Property

13.2 RELATIONS OF PARTNERS TO THIRD PARTIES
      13.201 Agency of a Partner
      13.202 Nature of a Partner's Liability
      13.203 Transfer of Partnership Property
      13.204 Statement of Partnership Authority
      13.205 Statement of Denial
      13.206 Actions By and Against a Partnership and Partners

13.3 RELATIONSHIP OF PARTNERS TO EACH OTHER AND TO THE PARTNERSHIP
      13.301 Introduction
      13.302 Partners' Management Rights and Economic Interests
      13.303 Rights and Duties With Respect to Information
      13.304 Standards of a Partner's Conduct
      13.305 Suits by the Partnership and Partners

APPENDIX 13-1 STATEMENT OF PARTNERSHIP AUTHORITY (FORM UPA-93)

APPENDIX 13-2 STATEMENT OF DENIAL FOR A PARTNERSHIP (FORM UPA-94)

APPENDIX 13-3 PARTNERSHIP AGREEMENT

CHAPTER 14: TRANSFERS, DISSOCIATION, AND DISSOLUTION AND WINDING UP OF PARTNERSHIPS  (back to top)

14.1 INTRODUCTION

14.2 TRANSFERS
      14.201 Partner's Interest in Partnership Property
      14.202 Partner's Transferable Interest in the Partnership
      14.203 Transfer of a Transferable Interest
      14.204 Transferable Interest Subject to a Charging Order

14.3 DISSOCIATION
      14.301 Mechanics of Dissociation
      14.302 Purchase of a Dissociated Partner's Interest
      14.303 Conclusion

14.4 DISSOLUTION AND WINDING UP
      14.401 Generally
      14.402 Events Giving Rise to Dissolution
      14.403 Authority and Liability in Connection with Dissolution
      14.404 Settlement of Accounts
      14.405 Conclusion

APPENDIX 14-1 STATEMENT OF DISSOCIATION FROM A PARTNERSHIP (FORM UPA-115)

APPENDIX 14-2 STATEMENT OF DISSOLUTION OF A PARTNERSHIP
(FORM UPA-121)

CHAPTER 15: CONVERSIONS AND MERGERS  (back to top)

15.1 INTRODUCTION

15.2 CONVERSIONS
      15.201 Generally
      15.202 Conversion to a Limited Partnership
      15.203 Conversion from a Limited Partnership
      15.204 Effect of Conversion

15.3 MERGERS
      15.301 Generally
      15.302 Plan of Merger
      15.303 Effective Time of Merger
      15.304 Effect of Merger
      15.305 Postmerger Liability
      15.306 Statement of Merger

15.4 PROPERTY TITLE RECORDS
      15.401 Generally
      15.402 Limited Partnerships
      15.402 Partnerships

APPENDIX 15-1 CERTIFICATE OF LIMITED PARTNERSHIP OF A DOMESTIC OR FOREIGN PARTNERSHIP CONVERTING TO A VIRGINIA LIMITED PARTNERSHIP (FORM LPA-73.11:3)

APPENDIX 15-2 STATEMENT OF MERGER

CHAPTER 16: LIMITED LIABILITY PARTNERSHIPS  (back to top)

16.1 INTRODUCTION

16.2 STRUCTURE OF THE LLP PROVISIONS

16.3 FEATURES OF THE LLP PROVISIONS
      16.301 Generally
      16.302 Name Requirements
      16.303 Filing Requirements
      16.304 Annual Report and Annual Fee Requirements
      16.305 Foreign Qualification and Recognition
      16.306 Amendment and Cancellation of Registration
      16.307 Forms

16.4 PROFESSIONAL SERVICE LLPs

APPENDIX 16-1 STATEMENT OF REGISTRATION AS A DOMESTIC REGISTERED LIMITED LIABILITY PARTNERSHIP (FORM UPA-132)

APPENDIX 16-2 PARTNERSHIP AGREEMENT

APPENDIX 16-3 STATEMENT OF REGISTRATION AS A FOREIGN REGISTERED LIMITED LIABILITY PARTNERSHIP (FORM UPA-138)

APPENDIX 16-4 STATEMENT OF AMENDMENT OF A STATEMENT OF REGISTRATION OF A DOMESTIC OR FOREIGN REGISTERED LIMITED LIABILITY PARTNERSHIP (FORM UPA-136)

APPENDIX 16-5 STATEMENT OF CANCELLATION OF A STATEMENT OF REGISTRATION OF A DOMESTIC REGISTERED LIMITED LIABILITY PARTNERSHIP (FORM UPA-137)

APPENDIX 16-6 STATEMENT OF CANCELLATION OF REGISTRATION AS A FOREIGN REGISTERED LIMITED LIABILITY PARTNERSHIP (FORM UPA-139)

CHAPTER 17: LIMITED PARTNERSHIPS  (back to top)

17.1 INTRODUCTION

17.2 FORMATION OF LIMITED PARTNERSHIPS
      17.201 In General
      17.202 Partnership Name
      17.203 Specified Office
      17.204 Registered Agent
      17.205 Limited Partnership as Registered Limited Liability Partnership

17.3 CERTIFICATE OF LIMITED PARTNERSHIP
      17.301 In General
      17.302 Requirements for Certificate of Limited Partnership
      17.303 Execution of Certificate
      17.304 Filing
      17.305 Effective Date for Certificate
      17.306 Copy to Each Limited Partner
      17.307 Effect of Certificate
      17.308 Amendment or Cancellation
      17.309 False Statements in Certificate
      17.310 Automatic Cancellation of Certificate

17.4 CONTRIBUTIONS OF LIMITED PARTNERS
      17.401 Form of Contribution
      17.402 Liability for Contribution

17.5 RIGHTS OF LIMITED PARTNERS
      17.501 Sharing of Profits, Losses, and Distributions
      17.502 Voting Rights
      17.503 Right to Obtain Partnership Information

17.6 LIABILITY OF LIMITED PARTNERS TO THIRD PARTIES
      17.601 "Participation in Control of Business" Test
      17.602 Activities Not Constituting "Participation in Control"
      17.603 Rights of Creditors of a Limited Partner
      17.604 Status of a Person Erroneously Believing Himself or Herself a Limited Partner

17.7 ADDITIONAL LIMITED PARTNERS
      17.701 Interests Generally Assignable in Whole or in Part
      17.702 Right of Assignee to Become a Limited Partner
      17.703 Right of Judgment Creditor

17.8 GENERAL PARTNERS IN LIMITED PARTNERSHIP

17.9 UNLAWFUL TRANSACTION OF BUSINESS AS LIMITED PARTNERSHIP

APPENDIX 17-1 APPLICATION FOR RESERVATION OR FOR RENEWAL OF RESERVATION OF A LIMITED PARTNERSHIP NAME (FORM LPA-73.3)

APPENDIX 17-2 CERTIFICATE OF LIMITED PARTNERSHIP (FORM LPA-73.11)

APPENDIX 17-3 CERTIFICATE OF AMENDMENT OF A CERTIFICATE OF LIMITED PARTNERSHIP (FORM LPA-73.12)

APPENDIX 17-4 CERTIFICATE OF CANCELLATION OF A CERTIFICATE OF LIMITED PARTNERSHIP (FORM LPA-73.13)

APPENDIX 17-5 PARTNERSHIP AGREEMENT

CHAPTER 18: DISSOLUTION AND MERGER OF LIMITED PARTNERSHIPS  (back to top)

18.1 DISSOLUTION OF LIMITED PARTNERSHIPS
      18.101 Significance and Effect of Dissolution
      18.102 Events Resulting in Dissolution
      18.103 Dissolution by Withdrawal of General Partner

18.2 WINDING UP THE LIMITED PARTNERSHIP

18.3 DISTRIBUTION OF LIMITED PARTNERSHIP ASSETS

18.4 MERGERS OF LIMITED PARTNERSHIPS
      18.401 Generally
      18.402 Plan of Merger
      18.403 Approval of Merger
      18.404 Articles of Merger
      18.405 Effect of Merger

CHAPTER 19: TAX ASPECTS OF PARTNERSHIPS  (back to top)

19.1 INTRODUCTION
      19.101 Generally
      19.102 Election Not to Be a Partnership

19.2 CLASSIFICATION FOR FEDERAL TAX PURPOSES
      19.201 Generally
      19.202 Business Entities
      19.203 Business Entities Automatically Classified as Corporations
      19.204 Classification of Business Entities That Are Not "Per Se" Corporations
      19.205 Transition Rule

19.3 PARTNERSHIP FORMATION
      19.301 General Rule
      19.302 Special Situations
      19.303 Basis, Holding Period, and Character of Partnership Assets
      19.304 Allocation of Items With Respect to Contributed Property
      19.305 Basis in Partnership Interest
      19.306 Continuing Adjustments to Basis

19.4 TAX ACCOUNTING MATTERS
      19.401 Generally
      19.402 Separately Stated Items
      19.403 Choice of Taxable Year
      19.404 Change of Partnership Year
      19.405 Reporting Income by Partners
      19.406 Tax Elections
      19.407 Basis Adjustments

19.5 PARTNERSHIP OPERATION
      19.501 Partners' Distributive Shares
      19.502 Special Allocations
      19.503 Current Distributions
      19.504 Guaranteed Payments
      19.505 Self-Employment Income Tax
      19.506 Transactions Between Partner and Partnership
      19.507 Close of the Partnership's Taxable Year
      19.508 Amortization of Start-Up Expenses and Intangibles

19.6 TRANSFER OF A PARTNER'S INTEREST

19.7 LIQUIDATION OF A PARTNER'S INTEREST
      19.701 Generally
      19.702 Gain or Loss
      19.703 Basis of Distributed Property
      19.704 Payments to a Retiring or Deceased Partner's Successor
      19.705 Disposition of Distributed Property

19.8 UNREALIZED RECEIVABLES AND APPRECIATED INVENTORY
      19.801 Generally
      19.802 Unrealized Receivables
      19.803 Appreciated Inventory
      19.804 Application of I.R.C. sec. 751 to Distributions

19.9 LIMITED PARTNERSHIPS

19.10 AT-RISK AND PASSIVE LOSS RULES
      19.1001 At-Risk Rules
      19.1002 Passive Loss Rules

19.11 FAMILY PARTNERSHIPS
      19.1101 Generally
      19.1102 Capital Interest
      19.1103 Distributive Shares

19.12 PARTNERSHIP AUDITS
      19.1201 Generally
      19.1202 Unified Proceedings
      19.1203 Notice to Partners
      19.1204 Tax Matters Partner
      19.1205 Administrative Proceedings
      19.1206 Assessment Procedure
      19.1207 Other Matters

APPENDIX 19-1 ENTITY CLASSIFICATION ELECTION (FORM 8832)

TABLE OF AUTHORITIES

INDEX

Authors

Editor

Heman A. Marshall, III

Authors

Neil V. Birkhoff

J. Waverly Pulley, IIIJocelyn West Brittin

Martin B. RichardsLewis A. Conner

William M. RichardsonG. Franklin Flippin

David W. RobertsonElizabeth G. Hester

David A. SnoufferBryson J. Hunter

Bruce D. StockburgerRobert G. McElroy

Evelyn Small TraubJack A. Molenkamp

Mark C. Van DeusenEric J. Nedell

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