In a Partnership two or more individuals agree to work together for their common mutual interests. There are different types of partnerships with General and limited Partnerships being the two most prominent examples. It is important to know that Partnerships are not a separate Legal entity and therefore income must be taxed accordingly.As a full service accounting / bookkeeping and income tax preparation service, Your Tax Solutions Inc. can work with you providing you with vital information as you make decisions regarding the future of your Partnership. We can further assist you with setting up your partnership, setting up your books, daily/weekly/ monthly/ quarterly (or as needed) bookkeeping and accounting, and filing your income tax return/s.
If you would like to learn more about the advantages and disadvantages of Partnerships we at Your Tax Solutions Inc. will be delighted to share our knowledge with you.