Dana and Etta operate Fast Bikes, a bicycle shop, as a part?nership. Taxes on the business's income are paid by

Name: Dana and Etta operate Fast Bikes, a bicycle shop, as a part?nership. Taxes on the business's income are paid by
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a partnership, the business itself does not pay income taxes. Instead, the income is passed through to the partners, who then report it on their personal tax returns. Therefore, Dana and Etta are responsible for paying taxes on the business's income.

Dana and Etta Operate Fast Bikes, a Bicycle Shop, as a Part?nership