Partnership Basics

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When two or more people go into business together, the simplest type of business they can form is a partnership. This video describes what a partnership is, and the various types of partners and partnerships. It also describes the role the LLC plays in a partnership, as well as special considerations for spousal and family partnerships.
0:00 Introduction
0:28 What constitutes a Partnership?
3:11 Types of Partners
4:35 Types of Partnerships
5:31 Spousal and Close Family Partnerships
6:25: Conclusion
For a general overview of all types of business organizations, click here: • Should your Business b...
To learn more about Schedules K-1, click here: • K-1's (for Beginners!)
LLCs and how they relate to business organization and taxes are covered in this video: • What is an LLC?
Additional Information and Resources:
IRS Publication 541: "Partnerships," www.irs.gov/pub/irs-pdf/p541
IRS Form 1065: "Return of Partnership Income": www.irs.gov/pub/irs-pdf/f1065...
Instructions for Form 1065: www.irs.gov/pub/irs-pdf/i1065...
Schedule K-1 (1065): "Partner's Share of Income, Deductions, and Credits:" www.irs.gov/pub/irs-pdf/f1065...
Investopedia: "Partnership: Definition, How it Works, Taxation": investopedia.com/terms/p/part...
nolo.com: "What is a Limited Liability Company (LLC)?": www.nolo.com/legal-encycloped...
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Wikimedia Commons
Pexels.com
The images of "Scott," "Allen," "Pamela," and "Paula" were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZfaq Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

Пікірлер: 7

@miguelcubero3440 7 ай бұрын

❤

@ELconomics101 7 ай бұрын

Good morning coach!!

@BrigitteBrodski 7 ай бұрын

Can you simplify what a publicly traded partnership is and why someone would invest in one?

@TheTaxGeek 7 ай бұрын

(Over) simplifying PTPs would definitely take a video of its own, maybe in the not-too-distant future. You would invest in a PTP for the same reason as making any other sort of investment...either to generate income or with the hope the investment will increase in value before you sell it. PTPs give you the ability to easily buy into or sell a partnership interest, unlike conventional partnerships.

@popopopo5339 6 ай бұрын

Is the income of general partner entitled to QBI deduction? Thanks a lot

@TheTaxGeek 6 ай бұрын

Your share of the ordinary income from the partnership is considered to be Qualified Business Income for computing QBID. Guaranteed payments and income from separately stated items isn't.

@popopopo5339 6 ай бұрын

Thank you very much for your clear explanation. I appreciate it. Have a great day:))