Each partner in a limited liability partnership (LLP) reports her share of the LLP's profits and losses on her personal tax return.

Question

Quizplus · Accepted Answer

In an LLP, the partners report their share of profits and losses on their personal tax returns. This is because an LLP is a pass-through entity for tax purposes, meaning that the profits and losses are passed through to the partners and are taxed at their individual tax rates.

Each Partner in a Limited Liability Partnership (LLP) Reports Her