Partnership
An organization or association of two pr more participants who carry on a
trade or business together, and allocate the ownership and profit/loss aspects
according to their contractual terms. This partnership is a separate entity
for tax filing purposes, but not tax paying. Rather it is a form of a conduit
where income, losses, credits and certain deductions are passed along to the
partners' tax situation instead. There is no liability protection for the
general partners.
Please contact Topolinski & Associates regarding more information
on this topic.
