Like - Click this link to Add this page to your bookmarks 中文 | 한국어 | TiếngViệt | Pусский A partnership is the relationship existing between two or more persons who join to carry on a trade or business. The partnership must furnish copies of Schedule K-1 Form 1065 to the partners by the date Form 1065 is required to be filed, including extensions. Instead, it “passes through” any profits or losses to its partners. Partners are not employees and should not be issued a Form W-2. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Each person contributes money, property, labour or skill, and expects to share in How to Make Marriage Work the profits and losses of the business. Each partner includes his or her share of the partnership's income or loss on his or her tax return. If you are a partnership or a partner individual in a partnership, use the information in the charts below to help you determine some of the forms that you may be required to file.