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Can an LLC (partnership) pay taxes on income and avoid the…

Can an LLC (partnership) pay...
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?
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1/11/2018
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,371
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

A Limited Liability Company Partnership is a "Pass through" entity and therefore all profit and losses pass through to the partners.

Here is an excerpt and link to partnerships at IRS.Gov

https://www.irs.gov/businesses/small-businesses-self-employed/partnerships

"A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her tax return."

Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,371
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thanks, Chad!

If you do have any further questions please let me know!

Have a great day.

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Chad EA, CFP ®
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