NATIONAL ACADEMY OF CERTIFIED MANAGEMENT CONSULTANTS MANAGEMENT CONSULTANTS ASSOCIATION GAFM

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A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes 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, deductions, gains, losses etc., from its operations, 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. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions. 

 

 

 

If you are a partnership or a partner (individual) in a partnership use the information in the charts below to help you determine some of the forms that you may be required to file. 

Chart 1 (Partnership)  

If you are a partnership then you may be liable for...  

Use Form...  

Annual return of income 

1065 

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