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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 848 |
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While general partnerships do not have to pay state or federal income taxes, they must file an annual informational tax return with the Internal Revenue Service and State Franchise Tax Board. This return indicates how much the partnership earned or lost and how much each partner earned or lost. The general partnership must also file annual tax forms for each partner indicating the income each partner has earned, if any...
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The general partnership must also file annual tax forms for each partner indicating the income each partner has earned, if any. Each partner also adds their earnings (or subtracts their losses) from their personal tax returns.
A corporation is a legal entity or structure created under the authority of a state's laws, consisting of a person or group of persons who become shareholders...
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