Page 6 - Incorporatoin Services
P. 6
Comparison of Forms of Business
Type of Business How It Is Formed Where Income and Deductions are Reported
Sole Proprietorship No special On owner’s Schedule C or C-EZ (Schedule F for
requirements farming)
Partnership No special Some items taken in account in figuring trade or
requirements business income directly on Form 1065 (allocable
amount claimed on partners Schedule E),
separately stated items are passed through to
partners and claimed in places of partners tax
return
Limited special Some items taken in Trade or business income directly on Form 1065
partnership account in figuring (allocable amount claimed on partners Schedule
partnership under E), separately stated items are passed through to
state law partners and claimed in places of partners tax
return
Limited liability Organized as such Some items taken in account in figuring trade or
company under-State law business income directly on Form 1065 (allocable
amount claimed on partners Schedule E),
separately stated items are passed through to
partners and claimed in places of partners tax
return
