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Aug. 18, 2009
When two or more people own a for-profit business, they qualify as a general partnership. Like sole proprietors, partners are responsible for the liabilities and debts of the business. And when tax time rolls around, each partner must report the income from the business as part of his or her personal income.
While general partnerships are not required to register with the Indiana Secretary of State, they are required to register with the Indiana Department of Revenue--if the business:
To register your business with the Department, you must submit a Business Tax Application (BT-1). The form allows you to set up the appropriate tax accounts for your business.
To register your business, you can:
Visit our New and Small Business Education Center to learn more about sales and income tax, plus read frequently asked questions. To visit the New and Small Business Education Center, go to email@example.com You may also visit our new Web site www.impuestos.in.gov/
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