Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 10, Problem 2MCQ
To determine

Introduction: Partnership forms when more than one person thrives to achieve the same objective as a business. The only difference between a partnership and a corporation is that the corporation will enjoy the benefits of limited liability but faces dual taxation first at the company level and second at the shareholders level, whereas in partnership, partnerships are taxed only at the partners level. Registration of partnership is not mandatory as it can be formed by mere handshake only. To carry a partnership with limited liability, it is important to register the business as a “limited liability partnership”.

To choose: An option that forms a partnership for tax purposes.

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