Las Vegas Tax Services is available to individuals who need tax preparation or planning services for their Partnership entity. There are several types of business Partnerships in Nevada. Some are more simplified, while others are more specialized. All Partnerships are taxed the same.

Nevada Revised Statutes (NRS): Chapter 87 – Partnerships governs business Partnerships in the state of Nevada. Every business decision must be made jointly or as laid out in the business agreement, and though your profits will be shared, each partner is subject to individual taxation (pass-through taxation).

Because Partnerships are Pass-Through Entities (PTEs), the Partnership business itself is not taxed directly and the taxes pass-through to each partner. As a result, this single taxation means that a Partnership could considerably reduce its tax burden. The most common Partnerships in the state of Nevada are General Partnerships, Limited Partnerships, Limited-Liability Partnerships, and Limited-Liability Limited Partnerships.

Contact the professionals at Las Vegas Tax Services assist your Partnership with tax planning and preparation.

Every year, the Partnership must issue each partner a Schedule K-1 and file Form 1065 to report any credits or deductions to/from the operation of the business. Each partner must then report their portion of the profits and losses of the Partnership on their personal income tax return.

• Typically consists of two or more individuals to partner together to perform services or a trade for a profit.
• May involve an informal or formal agreement.
• May need to have a business license and/or permit.
• Will require a Federal Employer Identification (EIN) Number.
• No liability protection to the partners. Partners are legally considered the same as the Partnership business. Therefore, personal assets are considered no different than business assets

• Consists of one or more general partners and one or more limited partners.
• Must have a formal Partnership Agreement and publicly use the LP designation in the Partnership business or doing-business-as (DBA) name.
• LPs need to have a business license.
• Will require a Federal Employer Identification (EIN) Number.
• You must file a Limited Partnership Registration form with Nevada’s Secretary of State.
• Must declare an Annual List of General Partners with Nevada’s Secretary of State.
• Each general partner typically receives a manager fee and are in control of the LPs management. They also have full liability for the Partnership obligations (debts).
• Each limited partner has limited liability exposure, though only up to the amount of their investment.

• A specialized Partnership that is limited to licensed professionals in NV.
• LLPs need to have a business license.
• Will require a Federal Employer Identification (EIN) Number.
• Must file a Limited-Liability Partnership Registration form with Nevada’s Secretary of State.
• Must declare an Annual List of Managing Partners with Nevada’s Secretary of State.
• Partners participate in the management of the Partnership and decide how to share profits.
• Limited personal liability protection for all partners.

• Must form or have already formed an LP. Partners must vote to become an LLLP and file an amendment to their formal Partnership agreement.
• Must file a Limited-Liability Limited Partnership Registration form with Nevada’s Secretary of State.
• Must declare an Amended/Annual List of General Partners with Nevada’s Secretary of State.
• Increases the protections of the LP to also include general partners to have reduced liability.