The National Directory of Certified Public Accountants

Ask A CPA - Partnerships - Form 1065

What Are Some Disadvantages Of Selecting To Be A Partnership Compared To Other Entities?

Just as in a sole proprietorship, partners are still responsible for unlimited liability, both personal and business. Therefore, everything you own is at risk. Also, you cannot make certain important business decisions without the agreement of the partner. A general partnership offers few tax benefits to business owners.

If you need professional help with "Partnerships - Form 1065" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.