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Establish a business relationship
If you have an existing relationship with one or more other professionals and carry on a trade or business, you may want to form an official partnership. In a partnership, each person contributes money, property, labor or skill, and each person shares 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 individual tax return.
If you choose to establish a partnership, you may need assistance filing the following forms:
- Annual return of income Form 1065
- Employment Tax Forms 941, 943, 940, or 8109-B
- Income Tax Forms 1040 and Schedule E
- Self-employment Tax Forms 1040 and Schedule SE
- Estimated Tax Form 1040-ES
If you are interested in officially forming an Partnership, call My CPA at 954-239-8365 to get started.