Partnership and Corporation Tax Procedures Free Essay, Term Paper and Book Report
There are different types of entities used to operate a business. Each entity is different in terms of formation, operation, number of owners, control and management as well as personal liabilities of the business. Each entity also has different federal income tax guidelines and requirements.
The tax law defines a partnership as a group, pool, syndicate, joint venture, ot other unincorporated organization. A partnership must engage in a financial operation, business, or venture but may not be a corporation, estate or a trust. Co-ownership is not classified as a partnership. A partnership requires some type of business or financial activity.
Unincorporated organizations with two or more members are generally classified as a partnership for federal tax purposes. A joint undertaking to share expenses is not classified as a corporation.
According to the I.R.S., an organization is that was formed after 1996 is classified as a partnership for a federal tax purposes if it has two or members and none of the following apply.
X The organization is formed under a federal or state law t......
Word Count: 2189
Page Count: 8.7 (250 words a page / double spaced)
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