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Ready. Set. Incorporate! https://www.readysetincorporate.com/faq-items/whats-a-k-1/ Export date: Fri Apr 19 13:16:48 2024 / +0000 GMT |
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. |
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Post date: 2015-07-19 12:56:38 Post date GMT: 2015-07-19 19:56:38 Post modified date: 2015-08-10 16:16:36 Post modified date GMT: 2015-08-10 23:16:36 |
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