Partners may elect whether or not the partnership will be taxed as a separate entity.

Name: Partners may elect whether or not the partnership will be taxed as a separate entity.
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Partners in a partnership can choose for the partnership to be taxed as a separate entity by electing to be treated as a corporation for tax purposes, otherwise, it is taxed as a pass-through entity where profits and losses are passed through to the partners.

Partners May Elect Whether or Not the Partnership Will Be