Question

a partnership does not pay taxes, a partnership is NOT recognized as a legal entity under...

a partnership does not pay taxes, a partnership is NOT recognized as a legal entity under civil law
True or false?

Homework Answers

Answer #1

A partnership does not pay taxes

The correct answer is True

Explanation : - Unlike corporations, partnerships are not treated as separate legal entity. Each member of a partnership is subject to income tax on the partner's distributive share of the partnership income. Thus a partnership does not pay income taxes as an entity.

____________________________________________

A partnership is NOT recognized as a legal entity under civil law

The correct answer is false

Explanation : - A partnership is treated as a separate legal entity under civil law with the right to own property in its own name and to transact business free from the personal debts of its partners.

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