Class 5a Partnerships Intro

Class 5a Partnerships Intro - OnlineLectureSeries ,CPA...

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Partnerships - Introduction Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA
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What is a partnership?
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Partnership Definition • Default Entity for 2+ persons • “An association of two or more persons to carry  on a trade or business” – Contribute money, property, labor – Expect to share in profit and losses • For tax purposes, includes: – Syndicate – Group – Pool – Joint venture, etc
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Partnership Taxation Partnership is  not a taxable entity – Flow through entity •Income  taxed to owners , not entity •Partners report their share allocable of  partnership income or loss on their own tax  return
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Types of Partnerships General Partnership (GP) Limited Liability Partnership (LLP) Limited Partnership (LP) Limited Liability Company (LLC) Difference mainly in Personal Liability
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General Partnership – Consists of at least 2 partners
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