Tax Liabilty

[cyrilbiker]

In a partnership is the income liability levied against the tarding company or the individual partners? THanks for any advice offered Cyrilbiker

[Miss Zippy]

A partnership - whether it be a general partnership, a limited liabilty partnership or a limited partnership (rarely used these days except as investment vehicles) - is tranparent for tax purposes. Taxation occurs at the level of the individual partners.

[buildersmate]

If it is a legal partnership, the partners are jointly and severelu liable for liabilities. Which is way most of the big Accountancy firms converted to limited liability and have LLC after their business name.