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Berks Earned Income Tax Bureau Form

Berks Earned Income Tax Bureau Form

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a partnership can be organized as a general partnership between two or more individuals or as a multi-member LLC meaning that each partner owns a portion of the LLC a general partnership provides no protection from liability and seizure of personal assets can occur think of it as a DBA or a soul prop but one that is owned by two or more people the partnership can still get an EIN from the IRS and operate as a business just like any other but without the extra LLC protection similar to a single member LLC if used properly a multi-member LLC provides separation between personal and business assets for liability purposes every year a partnership must file form 1065 showing the income and expenses of the business within form 1065 is a K1 for each partner that shows their portion of the profit and loss for that year that K1 is then input on their individual tax return form 1040 as all tax on profits from Partnerships is subject to personal income taxes which are ordinary income taxes and in

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