For investors · LPs
Know what you’re signing before you wire the money.
You get a dense operating agreement and an offering deck and you’re asked to trust them. We read the tax terms and tell you, in plain English, what they mean for your money.
The problem
The tax terms are where deals surprise you.
Sponsors compete on returns, so the operating agreement is written to make the deal look good. The tax mechanics sit in the allocations, the waterfall, and the capital account rules, where most investors don’t look.
That is where a deal can hand you income you owe tax on but never received, or promise you losses you can’t actually use. You don’t need to become a partnership tax expert to invest well. You need someone who reads these agreements every day to tell you what to watch for.
- Will this hand me phantom income, taxed now and paid much later or never?
- Are the allocations and waterfall real, or just built to look fair?
- Can I actually use the losses the deck is promising?
- What will my K-1 look like in year one, and at exit?
What it costs
Two ways to work together.
Start here
Red Flag + Plain English Report
$500
A fast, clear read before you commit.
- A 12-category tax review of the operating agreement and offering deck
- Every item marked green, yellow, or red, with the reason for each flag
- The key tax terms of your deal explained in plain English
- Buy now; you get instructions for sending your documents right after checkout
- Delivered as a scorecard by email, no meeting required
The advocate role
Vetting + Debrief
$1,250
When you want to talk it through.
- Everything in the Red Flag + Plain English Report
- A 30-minute call to walk through the flags
- A list of questions to put to the sponsor
- Portfolio retainers for investors reviewing several deals a year