A neuron is a nerve cell that is the basic building block of the nervous system. Neurons are similar to other cells in the human body in a number of ways, but there is one key difference between neurons and other cells. Neurons are specialized to transmit information throughout the body.
A limited partner is a partner in a partnership whose liability is limited to the extent of the partner's share of ownership. Because he is not a material participant, The Internal Revenue Service (IRS) treats the income that a limited partner realizes from his partnership as passive income that he can offset with passive losses.
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.