View our glossary of tax terms
Glossary Definition
A partnership is an entity owned by two or more people as a trade or business. Each partner contributes money, property, labor and/or skill and shares in the profits and losses of the company. A partnership does not pay tax at the partnership level but instead passes the income, deductions, gains, losses, etc. from its operations through to its partners. Each partner reports their share of the partnership’s income or loss on their personal tax return.
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