Under the BBA, the partnership representative and designated individual are generally the only persons allowed to act on behalf of the partnership and its partners. In addition, the BBA affects the amount at risk in the event an adjustment is made and the party who bears that risk. In addition, it is not always advantageous, and not always possible, to make a Section 6226 push-out election. It is therefore crucial to take the BBA into account in the transactional context, when a partnership is formed or dissolved, when a partner joins and leaves a partnership, and in partnership mergers, divisions, and other transactions. This session will address BBA issues in the transactional context, including indemnities and how the BBA may apply to a partnership liquidation or termination.