Built by a CPA Who Actually Reads Operating Agreements

Target Capital Account was created by Roger Ledbetter, CPA — a practitioner who has reviewed thousands of operating agreements across real estate syndications, joint ventures, and operating companies.

After years of inheriting tax return work where 50-60% of partnership returns were prepared incorrectly due to misunderstood or misapplied operating agreement language, it became clear that there was a massive knowledge gap between what attorneys draft, what CPAs understand, and what the IRS expects.

This platform exists to close that gap.

What We Believe

Your operating agreement should match your deal. What your investors were told in the Offering Memorandum should drive the agreement language, which in turn drives the tax returns and K-1s. When these don't align, everyone loses.

Tax provisions matter as much as legal ones. Including inappropriate allocation language or excluding critical sections can have the same consequences as missing key legal protections.

Education creates better outcomes. The more sponsors, investors, and CPAs understand about operating agreement tax language, the fewer surprises show up on K-1s, in audits, and in court.