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A partnership is the relationship existing between two or more persons who join 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 must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to itspartners.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. Thepartnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions.

If you are a partnership or a partner (individual) in a partnership, use the information in the charts below to help you determine some of the forms that you may be required to file.

Partnership
If you are a partnership then you may be liable for Use Form Annual return of income 1065

Employment taxes:
Social security and Medicare taxes and income tax withholding
Federal unemployment (FUTA) tax Depositing employment taxes 941, 943 for farm employees 940 and or 8109

Individual Partners in a Partnership

If you are a partner (individual) in a partnership then you may be liable for... Use Form...
Income Tax 1040 and Schedule E
Self-employment tax 1040 and Schedule SE
Estimated tax 1040-ES