Want to know tax treatment for business entities?

Question

Would like to know if General Partnerships, Limited Partnerships, LLPs and Sole Practioner entities are taxed at the business level or if the earnings and losses are passed through to the owners. Thanks for any help!

Answer 1

probably all of these are taxed at the owner's level.

partnerships file form 1065 [in the US] and distribute their earnings to partners on schedule K-1.

there are a few [usually large] partnerships that are taxed as corporations -- this is an election they made with the IRS.


does this help?