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Tag Archive for Closing A Partnership

IRS Rules On Closing A Partnership

IRS Rules On Closing A Partnership

partnership is a relationship between two or more partners to do a trade or business. Each person contributes money, property, labor or skill and shares in the profits and losses of the business.

Partners who want to close their partnership must take certain actions whether they’ve been in business a few months or many years. They must file final forms and schedules. Here’s information on typical final forms and schedules that a partnership needs to file when ceasing operations.

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