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Partnerships and most LLCs are known as pass-through entities. What does this mean for their partners (in the case of partnerships) and members (in the case of LLCs)?   a. The businesses themselves are not subject to income tax; the individual partners/members pay income tax on their share of the businesses’ profits b. Partners and members are subject to double taxation

Partnerships and most LLCs are known as pass-through entities. What does this mean for their partners (in the case of partnerships) and members (in the case of LLCs)?   a. The businesses themselves are not subject to income tax; the individual partners/members pay income tax on their share of the businesses’ profits b. Partners and members are subject to double taxation

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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  1. Partnerships and most LLCs are known as pass-through entities. What does this mean for their partners (in the case of partnerships) and members (in the case of LLCs)?

 

a. The businesses themselves are not subject to income tax; the individual partners/members pay income tax on their share of the businesses’ profits

b. Partners and members are subject to double taxation

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