In a partnership,income of the business is personal income and business losses can be deducted from taxes.

Name: In a partnership,income of the business is personal income and business losses can be deducted from taxes.
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Because a partnership is generally not considered to be a separate legal entity,the income from the business is taxed as individual income for each partner,and because the income is taxed as personal income,the partners can deduct the business losses.

In a Partnership,income of the Business Is Personal Income and Business