Partnership

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Glossary: Partnership

By | January 24th, 2017|Categories: Glossary|Tags: , , |

A partnership is a business with two or more owners who conduct business and are not incorporated.

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Does My Partnership Need a New EIN if it Becomes an LLC?

By | April 15th, 2016|Categories: Small Business Tax and Accounting|Tags: , , |

Question: I am a co-owner in a partnership. The partnership has an EIN. We have now decided to form an LLC but will continue to be taxed as a partnership. Do we need a new EIN for the LLC? Answer: No, you can keep your existing EIN.

Choosing a Business Entity: Wrap-up Post

By | January 18th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , , |

This series on choosing a business entity started last June and covered 10 parts. Here’s a listing, with links, of all the parts in this series.

Choosing a Business Entity: How Do You Decide?

By | January 14th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , , , |

There’s no magical checklist for deciding on a business entity. But here are a few considerations.

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Glossary: Draws

By | December 9th, 2015|Categories: Glossary|Tags: , , , |

In tax terminology, the term "draw" refers to money taken out of a sole proprietorship by the proprietor, or out of a partnership by a partner.