About This Chapter
Tax Considerations for Business Partnerships - Chapter Summary
This chapter offers the comprehensive overview you need to deepen your knowledge of different tax considerations for business partnerships. Review fun lessons to get a better understanding of family limited partnerships (FLPs), business partnerships, partner interest and more. Completing this chapter will enable you to:
- Discuss the basic concepts and roles of business partnerships
- Detail the process of creating a business partnership agreement
- Describe the liability and tax structure of business partnerships
- Define and discuss the tax implications of family limited partnerships
- Share the definition and describe the disposition and services of partner interest
- Provide details about partnership dissolution and termination
- Explain the basics of debt and property in business partnerships
- List tax filing requirements and penalties for business partnerships
Review one, several or all the lessons in this chapter based on the areas of tax considerations for business partnerships you need to review. Feel free to navigate the lessons in any order and view them as often as you'd like. If you develop questions about specific topics covered in this chapter, be sure to submit them to our experts. Mini quizzes and our practice exam can check your comprehension before the day of your test.
1. Creating a Business Partnership Agreement
Many businesses are partnerships. These are businesses owned by two or more people. This lesson explains how partnerships are created and the use of partnership agreements.
2. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
3. Family Limited Partnerships (FLPs): Definition & Tax Implications
This lesson will define a special business partnership, the family limited partnership (FLP), and discuss the tax implications/benefits of running an FLP.
4. Dissolution and Termination of a Partnership
A partnership is an unincorporated business owned by two or more people. When the partners decide to no longer do business together, they must dissolve, wind up and terminate the partnership. This lesson explains dissolution and winding up.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards