Question

which of the following is a partnership for tax purposes? a.melissa purchases a shoe store and hires her sister, whitney, to manage the store. b.emeril and rachel purchase a food truck and sell prepared food dishes at various spots around the city. c.jimmy and stephen both purchase a small stock interest in a manufacturing corporation as an investment. d.monica and chandler form a corporation to acquire a trucking business. e.none of these choices are correct.

Answer 1

Jimmy and Stephen both purchase small stock interest in manufacturing corporation as an investment is a partnership for tax purposes.

What is a partnership?

A partnership is a legal arrangement whereby people, sometimes known as business partners, agree to collaborate in order to promote their common goals. A partnership may consist of one or more persons, businesses, nonprofit organizations, institutes of higher learning, governmental agencies, or other entities. Collaboration between organizations can increase their reach and increase the likelihood that each will succeed in achieving its objectives. A partnership may be obligated by a contract or it may issue and own stock. A partnership agreement is required for the formation of any partnership, even one that has not been reduced to paper. Although a written partnership agreement that outlines the essential aspects of their relationship may be advantageous, it is not legally required in common law countries.

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