AO 2007-25: Treatment of limited liability partnership
February 1, 2008
The Commission released for public comment, but did not approve, two alternative draft advisory opinions concerning whether a law firm organized as a limited liability partnership and taxed as a corporation by the IRS is a corporation or is a partnership for the purposes of administering and financially supporting a separate segregated fund. Approval of an advisory opinion requires the affirmative vote of four members of the Commission.