What are Partnerships?
Partnerships are business organizations owned by two or more persons who agree on a specific division of responsibility.
Background Information
In a partnership each person must contribute money, property, labor, or skill, and expect to share in the profits or losses of the business.
In a Partnership you may be reliable for:
In a Partnership you may be reliable for:
- Social Security and Medicare takes and income tax withholding.
- Federal Unemployment (FUTA) tax
- Depositing Employment taxes
- Income tax
- Self-employment tax
- Estimated Tax
- An agreement that documents how a future business decision will be made.