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

Questions tagged [partnership]

36 questions
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4 answers

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 able to work again. But we still make the same…
PAT OBRIEN
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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 made to capitalize the company. What is the…
Corey
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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 partnership in any way?
Elan
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In a hedge fund, what is a "Partner"?

I will be meeting with representatives of a hedge fund (doing HFT FX trading), one of whom is titled "Partner". In the context of a hedge fund, what is the role of a "Partner"?
Randomblue
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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 agreement with a lawyer. Could someone explain to me,…
Kohanz
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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 will own a relatively small amount (say 5%). My…
minou
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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 ownership is 25%, but not ever member earned $25,000 as…
RCNeil
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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 and received my degree in Physical Education and…
user13665
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How does an equity partnership relate to company's valuation?

I was recently made a partner in the firm that I work in. I received 15K shares at a face value of $0. I was told that a vesting would occur after 5 years where the anticipated vesting price would be $17.50 i.e. I would receive $262K. Last Sep'23, I…
Megatron
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How to allocate profit and loss in partnership where one partner's activities are profitable and the other's aren't?

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, the same corporate entity handles a shared…
Maxim Zaslavsky
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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 tax return for the partnership to cover 20/03/2017…
Freddy Wetson
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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 (except some minor startup costs). We have kept…
David
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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 is that? Thanks in advance.
high110
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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, in developing a product. The product hasn't yet…
Frames Catherine White
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Lost basis in a partnership

Suppose I fund an LLC with 100k and my partner provides sweat equity, so we each own 50% of the LLC. Suppose this LLC has a single activity, a rental house bought by my 100k and worked on with that sweat equity, resulting in the LLC owning a house…
Kyle
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