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Tax Treatment of Business Entities Part 3: Partnership

January 30, 2017 Shamsey Oloko Leave a comment Business Expenses, Partnership Tax, Taxable Income

Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the third part of a series of blogs on the tax treatment of business entities. This blog will address the tax treatment of partnerships.

A partnership is an association of two or more persons who carry on a trade or business. Each partner shares in the profits and losses of the business enterprise, while contributing money, property, labor or skill to its operation.

This is a preview of Tax Treatment of Business Entities Part 3: Partnership. Read the full post (353 words, 1 image, estimated 1:25 mins reading time)

Tax Treatment of Business Entities Part 2: LLCs

January 27, 2017 Shamsey Oloko Leave a comment Business Expenses, Corporate Tax, Limited Liability Companies, Ordinary and Necessary Expenses, Taxable Income

Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the second part of a series of blogs on the tax treatment of business entities. This blog will address the tax treatment of limited liability companies (LLCs). LLCs are used by many business owners because, like corporations, their owners typically have limited personal liability for the debts and activities of the LLC. In contrast, some features of LLCs are similar to a partnership, such as pass-through or flow-through taxation.

This is a preview of Tax Treatment of Business Entities Part 2: LLCs. Read the full post (520 words, 1 image, estimated 2:05 mins reading time)