Do You Have to File Tax Return for Partnership?
If an LLC has two or more members, the Internal Revenue Service automatically treats it as a partnership. The LLC files an informational partnership tax return and the members also report the LLC’s income and expenses on their personal tax returns. However, an LLC can change these default classifications and choose to be taxed as a corporation.
Do you have to file a W-2 with a partnership?
Each partner reports their share of the partnership’s income or loss on their personal tax return. Partners are not employees and shouldn’t be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.
