Does a person who is a non-equity partner in a law firm always receive a W-2, or can they sometimes receive a K-1.
Or, put another way, if a non-equity partner in a law firm receives a K-1 instead of a W-2, is that incorrect?
I've heard the term, but I really don't know what it means. From a legal standpoint it doesn't make much sense, though it does from an employment incentive standpoint.
How you would deal with it probably depends on exactly what the partnership agreement says, and exactly what the non-equity partner's rights and obligations are.
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