Partnership Business Entity Guide

Partnership Business Entity Guide

Partnership Business Entity Guide

A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money, property, labor, or skill and expects to share in the profits and losses of the business.

A partnership business entity must file an annual information return to report the income, deductions, gains, or losses from its operations, but it does not pay income tax. Instead, it passes through any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return.

Partners are not employees and should not be issued a Form W-2 (nor a Form 1099). The partnership business entity must furnish copies of Schedule K-1 (Form1065) to the partners by the date Form 1065 is required to be filed, including extensions.

A partnership or individual partner may find the following information helpful to determine some of the forms which may be required to be filed.

preview Partnership Business Entity Guide (1)

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2023-10-30T13:06:48+00:00June 21st, 2023|Business|

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