LLC Basis

Posted by Dave on January 23, 2008, 10:38 pm

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I have a question concerning liabilities such as accounts payble,
payroll
taxes payable, sales tax payable,etc for an accrual basis LLC. I
understand that
liabilities for a LLC are technically considered non-recourse, and in
order to
get basis partner's should guarantee loans. Or that LLC agreements
shouldn't
have a deficit restoration provision because it goes against the grain
of
limited liabilty.

How does an LLC get basis for these type of liabilities. Do they
put a clause in the partnership agreement guaranteeing these
liabilities? Or
do you just consider the above type of liabilites
non-recourse on the K-1s and no at risk basis?

Any input on how this is handled for preparation purposes on
in general would be appreciated.

Thanks

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