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Questions tagged [partnership]

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Can I deduct partnership loss from my income?

I lost tens of thousands as passive loss when I withdrew from a partnership. However I'm not sure whether the capital loss is deductible. Since I have no passive income I think I could deduct $3,000 ...
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1answer
47 views

How to handle rental income shared with my spouse on Schedule E

I and my spouse are filling a separate 1040NR. We have both our name on a property that we rent. How do we fill the Schedule E if the income is shared between partners? Let say for example that we ...
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1answer
75 views

Getting client to commit to partnership

Not sure if this is the right spot for this question, it is not about finances per se. I have been developing a website/web app for over three years now, and in the beginning this was a small ...
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1answer
88 views

Excel formula for multiple partners buying out another partner

I am in a partnership that was originally 8 people: Partner A owned 19.9% Partner B Owned 19.9% Partner C Owned 19.9% Partner D Owned 19.9% Partner E Owned 5.1% Partner F Owned 5.1% Partner G Owned 5....
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SEP contributions when part of two LLCs

I am the sole member of first LLC, and I've been doing SEP contributions for several years now. In 2018, I want to start a second LLC where there will be a second member (let's call him John) who ...
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1answer
889 views

How to allocate profit and loss in partnership where one partner's activities are profitable and the other's aren't? [closed]

Suppose a two-member LLC taxed as a partnership has a set of projects that are joint initiatives of the members, as well as projects that are solo initiatives of one or the other member. For example, ...
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0answers
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Partnership Tax Return UK

We started a partnership in the UK on 20th March 2017 and are ceasing it today (14th July 2017). As of yet we have yet to send in any tax returns for 2016/2017. Would it be permissible to file one ...
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1answer
602 views

GnuCash - How should equity accounts be adjusted for profit/loss in a partnership?

I have an LLC with 3 members, and have created an equity account for each member. I have a transaction that debits the checking account and credits the equity account for each member's contribution ...
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1answer
66 views

First year partnership - no trade tax return

A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (...
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2answers
180 views

Do (unofficial) partners have to split deductions equally?

My brother and I invested in a property together. We have equal ownership of the property and split the expenses equally. When we file taxes, do we have to split our deductions/expenses equally or can ...
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1answer
243 views

When are partnership returns due?

If I'm starting a small partnership, when are the tax returns due if I have a calendar year end? What are the penalties for filing late? Someone told me you never want to file tax returns late - why ...
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2answers
289 views

How do owners in a partnership earn income?

I am 1 of 2 partners (no employees) in a recently registered consulting business. Essentially we are 2 former sole proprietors joining forces. We are currently working on forming our partnership ...
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1answer
170 views

If I have form a partnership which has done nothing but lose money, do I need to declare anything on my Tax?

I formed a partnership 6 month ago, with a ABN and a registered bussiness name. It is a very small affair, it has less than $1000 capital in total (across all partners). So far it has just lost money,...
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4answers
5k views

My business partner is unable to work; What should I do?

My business is an S-corporation and I have a partner. My partner is very sick and needing a liver transplant. He has been unable to work for over a year, and I am not sure when or if ever he will be ...
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0answers
1k views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
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2answers
658 views

LLC Partnership Earned Income vs. Partnership Share

When filing taxes for an LLC-Partnership, what should be done if the earned income varies from that of the partnership share? For example, if there are 4 members, and $100,000 is earned, their ...
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2answers
314 views

Received mysterious K-1 form, seeking answers

I was formerly a private equity trader . I got out of the business in 2002. In 2005 I lost my wife to breast cancer she was 45 . I was left with three young children. I decided to go back to school ...
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1answer
1k views

In an LLC Partnership, does each partner report expenses in the partnership tax return or personal tax return?

Does each partner report their business expenses in the LLC partnership tax return or their personal return? Does the amount each partner reports as a business expense, affect the ownership in the ...
5
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1answer
94 views

The board of directors in companies

I understand how a board of directors works. I have few questions about it, they're elected by the investors, but do they belong to certain agencies or do they work for the government or do they work ...