Partnerships are very similar to sole proprietorship in the fact that they are not subject to independent taxes. However they do require a bit more information to set up and they require their own tax form. For this you will need information on all of the partners. Who is going to be the Managing Partner, and Tax Matters Partner? How will liability, equity and profits will be split up? 

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With our help we can guide you through the process and ensure you have what you need to setup and prepare for a smooth tax season. Generally you will need to worry about the same things a sole proprietor would worry about. Sales tax, Payroll tax, bookkeeping, estimated tax payments to name a few. Also you might consider having a document of formation drawn up by a lawyer before beginning operation or getting with some local small business development centers. All these things are to ensure you start off on the right foot and make sure you avoid any potential pitfalls and headaches in the future.

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We offer all the same great service for partnerships: Bookkeeping, Tax Prep, Tax Planning, Payroll, Sales Tax help, and consulting. If you have any questions or not sure whether we fit your needs or not don't hesitate to ask in the contact card below or the Contact Us section above.