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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.
Whether you operate as a general partnership or a limited partnership, youâll follow the same basic procedure for filing business taxes. However, limited partners are subject to slightly different tax treatment than general partners. Here are the five steps youâll need to follow to file business taxes for your partnership. 1. Prepare Form 1065, U.S. Return of Partnership Income. Every partnership must prepare a federal partnership tax return on Internal Revenue Servicer Form 1065.