Any unincorporated business run by 2 or more persons who contribute money, property, or service in return for share of profit/loss.
File Form 8832.
Reports income and expense on Form 1065.
Each partners income and expenses, and other items in accordance with partnership agreement Schedule K-1.
Check with your advisor to determine which entity is best for your partnership.(multi member LLC or a Corporate structure)
Read Publication 541 for more info
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