JamesG1
Expert Alumni

Business & farm

A partnership is a type of business structure where two or more people or entities join forces to operate a business for profit.

 

Are you not a partnership because there are not two or more people who own the business?  Please clarify.

 

Partnerships are pass-through entities, which means its income is passed directly to the partners. So, instead of the partnership paying income taxes, the business’s income is reported on the partners’ personal tax returns.

 

 

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