Business Structure Formation and Status
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1. Review the IRS website (www.irs.gov), and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents?
2. Describe the requirements and process to elect S corporation status?
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Solution Summary
This solution discusses information related to partnership formation or termination as set by the IRS. The requirements and process to elect S Corporation status are also discussed.
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1. When we look at the IRS website, we can see that to form a partnership, the entity must apply for a federal ID number. The partnership will file an annual 1065 return. The partnership is not a tax paying entity. The partnership's income flows through to the partners, at their respective percentages. The profit is then taxed at each partner's individual tax rate on their 1040. The partnership is also responsible for applying for, paying, and reporting the appropriate forms ...
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