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What's a K-1?


In very lay terms, a K-1 is the partnership equivalent of an employee's W-2 or a contractor's 1099. Because a partnership doesn't generally pay taxes of its own, it issues a form to each of its partners, telling the partners what each of them needs to put on his/her/its own tax return. LLCs 1 taxed as a partnership (the default for multiple-member LLCs) issue K-1s. For more on forming partnerships, here's an article 2. Or, if you prefer to be entertained, here's a video 3.
Excerpt: In very lay terms, a K-1 is the partnership equivalent of an employee’s W-2 or a contractor’s 1099. Because a partnership doesn’t generally pay taxes of its own, it issues a form to each of its partners, telling the partners what each of them needs to put on his/her/its own tax return. LLCs taxed as a partnership (the default for multiple-member LLCs) issue K-1s. For more on forming partnerships, here's an article. Or, if you prefer to be entertained, here's a video.
Links:
  1. http://readysetincorporate.com/faq-items/what-is-a n-llc/
  2. http://readysetincorporate.com/partnerships-initia l-legal-considerations/
  3. http://readysetincorporate.com/partnerships-initia l-legal-considerations/
Post date: 2015-07-19 12:56:38
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Export date: Sat Nov 17 8:12:37 2018 / +0000 GMT
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