Partnership Tax Returns

Partnerships do not pay taxes.  They are considered pass-through entities, meaning the profit will pass through the partnership each partner will receive Form K1.  Each partner uses this form to file his/her taxes.

Partnerships just like sole proprietors do not receive W2's or 1099's.  Partners cannot be employees of the partnership nor a contractor to the partnership.

Partners profits are taxed like wage income.  Each partner will pay income taxes and payroll taxes on his/share of the profit.