What type of business tax form do my sister and I need to file 75 days after the close of the fiscal year?
November 5, 2008
angelbaby101466 asked:
we divide all profits and share all losses using a fixed ratio.
we divide all profits and share all losses using a fixed ratio.
November 8th, 2008 at 6:34 am
If you didn’t incorporate or elect to be an s-corp, then you are a partnership….
November 9th, 2008 at 2:55 am
Partnership, no doubt, unless one is a sole proprietor and the other just a blind partner (only contributes money). You’re better off as a partnership, even better as some type of corporation or LLC. It is filed with the 1040 form- can’t remember if it’s C or D. When does your fiscal year end? 75 days sounds like a long time. If you have a business you would be wise to consult with a CPA.
November 11th, 2008 at 3:38 am
I believe that if you are a legitimate partnership, you will need to file a form 1065 and provide each partner with a schedule K which each partner will then use to file their own form 1040 and whatever other forms their return requires.