All glossary terms
Glossary term
Partnership
A business entity with two or more partners, taxed under Subchapter K with pass-through treatment.
Related terms
2
Jurisdictions
us
Definition
Partnerships (including LLCs taxed as partnerships) file Form 1065 information returns and pass income through to partners via Schedule K-1. Special allocations and basis tracking under Sections 704 and 752 add complexity not found in corporate taxation.
Examples
- A two-member LLC operating a business is treated as a partnership for federal tax by default.
Related terms
Translations
ESsociedad colectiva
ZH合伙企业
DEPersonengesellschaft
FRsociété de personnes
JAパートナーシップ
Citations
26 U.S.C. · 701
Related citations
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Cited by
Primary sources
- IRS: PartnershipsVerified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.