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Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. The return must be signed by a general partner. If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return.
1 A partnership exists as long as the partners agree it will and as long as there are at least two partners, one of whom is a general partner. 2  Partnerships do not pay income tax, however, limited partnerships are subject to the annual tax of $800. 3  See Filing Guidelines for more information. Each partner is responsible for paying taxes on their distributive share. 2  In a general partnership, each partner is personally liable for all business debts and lawsuits. 3  A partnership exists as long as the partners agree it will and as long as there are at least two partners, one of whom is a general partner.