Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [general-partnership]

17 questions
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3 answers

What to ask for on a business partnership?

I am being asked to provide technical expertise on a technology entrepreneurship. They are offering me equity of the business, in exchange of my work/commitment. I know they will require a capital investment soon down the line. What may I ask, in…
Geo
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Is there any way to form an anonymous General Partnership?

Update: When I say anonymous, I don't necessarily mean from the IRS (although that would be ideal). I mean anonymous from the general public. I don't want anyone to be able to look up my real name and be able to find out I am making a NSFW game. I…
Clueless Investor
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Should I use EIN for business once it changes structure from Partnership to Sole Propietorship?

There were two partners in general partnership (50:50 share). One partner left and I took over all his share. Effectively business structure changed from General Partnership to Sole Proprietorship. Here are my questions: Can I still use the old EIN…
Jonny
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If I helped my friend to file taxes; can I represent her on a phone call with FTB?

I helped my friend to amend taxes. However, Franchise Tax Board is still not satisfied - they expect that on form 565 box 24 we should pay $800 annual fee for her General Partnership. General Partnerships don't have to pay this fee as far as I…
john1234
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Back in 2011 instead of form 565 filed 568 by mistake. How to fix this?

In 2010 we correctly filed form 565, because we were general partnership. However, in 2011 we filed by mistake form 568 (the LLC form). Starting from 2012 we have correctly filed as sole proprietorship because the other partner had left and business…
Jonny
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2
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1 answer

Forgot to issue 1099-MISC form. Will FTB (or IRS) take away my business tax deductions?

I recently found out that as a business owner I had to issue form 1099-MISC to independent contractors, like, plumber who once fixed sink in our salon. Also, apparently I had to issue 1099-MISC because I was renting out premises where I do…
john1234
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When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office?

I am in a General Partnership with 1 other person. We both work out of our respective homes. When filing expenses on a 1065, do we line item each of our home office expenses? For example, if I use my internet 50% of the time for work, and he does…
kylex
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Does California tax personal K-1 income from an out-of-state partnership?

As a resident of California, if I get a K-1 from Connecticut, do I have to pay income taxes on this income for my California return? Using Turbo Tax, the answer seems to be no, since there was no California K-1, but I want to make sure I have not…
WilliamKF
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When a business entity moves out of a state, is it the final return?

For a general partnership that files US Tax form 1065, there is a check box for Final Return which is not checked due to the partnership continuing on to the next year. However, the California state form 565 also has the same check box. If the…
WilliamKF
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What options exists for a group of people to collect money in a secure way?

I am part of a group of people with a common goal in mind. We are not organized in any type of association. However, we have a need to hire a lawyer to represent our interests as a group and time is of the essence. What methods are there for me to…
Geo
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My general partnership stopped making money. Do I still need a K-1?

Recently the only client I have left cancelled their service that they pay for yearly. The last payment they made was last year (2023). Do I still need to fill out a Schedule K-1 for my 2024 taxes? The CPA fee will take out half of the money the…
Gab
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What is the filing address for partnership that changed its address?

I have a general partnership (Form 1065) that moved effective end of 12/31/11 so the 2011 tax year ended in the old state and 2012 will be in a new state. I presume I should use the new address for filing 2011 tax year 1065 and the state tax return…
WilliamKF
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How FTB and IRS find mistakes in amended tax returns? Are their processes reliable?

I helped my friend to fix her 2011 Tax Return. She initially incorrectly filed form 568 (LLC) for her business that was actually operating under General Partnership structure. After FTB received the amended form 565 (General Partnership) they sent…
john1234
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General Partnership, 1065 an K1

I've just formed a general partnership in the US and I'm completely unclear about the tax requirements. Do we file only once a year, or are we required to file quarterly? When am I required to fill out and submit a 1065? Does each partner fill out…
kylex
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Can Management Fees Differ For Limited Partners In The Same Real Estate Investment Fund?

In a real estate investment fund (one with general partners and limited partners), can the limited partners be charged different management fees? Do all limited partners have to share the same fee structure (same carried interested, same preferred…
Lloyd Banks
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