![]() Your partnership agreement might say you’re a general partnership, a limited partnership, or a limited liability partnership. Not sure if your business is a partnership? Most partnerships are spelled out in a formal written agreement called a partnership agreement, and are registered in the state in which they do business. Unlike a corporation, a partnership is not a separate legal entity from the individual owners unless that partnership is also an LLC. The IRS defines a “ partnership” as any relationship existing between two or more persons who join to carry on a trade or business. All partnerships in the United States must submit one IRS Form 1065 unless there was no income or expenditures for the year.
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