Partnership tax question

[weblover78]

Hi,

What is the tax form that should be filed for the partnership income taxes

Thanks

[fcmoney]

As you know partnership is the relationship existing between two or more persons who join to carry on a trade or business they simple give money to a company and create establish new business. You should hire and contact with lawyer and see with corporation is good for your business! Don't go with partnership if you don't trust people! better get Limited Liability company LLC status! So you know that each person must contribute not only contribute but must contribute! 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,but they file as Individual Tax return they file : deductions, gains, losses, from your company operation 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!! this is great since you don't work for somebody yes.. you don't work for Corporate America... and remember that partnership must furnish copies of Schedule K-1 (Form 1065) Check IRS web site for all forms and publication Irs.gov is the best source to learn about tax issues! to the partners by the date Form 1065 is required to be filed, including extensions.

I wish you the best in Tax partnership!

[pearly]

Originally Posted by fcmoney

You should hire and contact with lawyer and see with corporation is good for your business! Don't go with partnership if you don't trust people! better get Limited Liability company LLC status! So you know that each person must contribute not only contribute but must contribute! money, property, labor or skill, and expects to share in the profits and losses of the business.

Hi buddy, wanna get clear about one thing.. Is there anything like every person in the partnership should contribute every part of the business.. I see many partnerships like people can act as working partner where one of the partners contribute skills other contributes money.
Wat does the partnership tax meant for those kind of partnerships...

[pranith]

hey i never heard about the partnership tax?
i just pay my tax to the government every year in time and can any one explain me about this partnership tax?

[sr106]

partnership tax is taxes the same as LLC Am I right? Any one at Money Castle forum have Partnership status in IRS?