How does tax filing work for a partnership business online?

Giovany
Visitor
1 0 1

Hello guys,I’m having trouble filing and knowing how taxes will work.I have made a website and I’m going to add my cousin soon to it.We are gonna change account business and set it to partnership.He was added as a staff.My question is how will we submit taxes??How will the 1099k form work will we both receive a form individually or would be receive 1 form for both of us?

Reply 1 (1)

Rostislav
Shopify Partner
176 11 25

Hi Giovany,

 

This is not really a Shopify question 🙂 . 1099 K if I remember correctly is a form that you get if you receive payments from  payment solutions , online marketplaces etc.  In US there are different types of partnerships and I can presume that the way how you handle 1099K relates to the form of the partnership you set up. Anyway,  it is best to be resolved with IRS since it depends on the practical arrangements with partnership on your side.  

www.easproject.com - the best EU and UK VAT compliance solution.