ENTITY COMPARISON CHART (2 OF 4)
01.Core Concepts
LLP Limited Partnership General Partnership Proprietorship May file as corporation or partnership Form 1065, K-1 flows to Schedule E of Form 1040 Form 1065, K-1 flows to Schedule E of Form 1040 Schedule C 1040 Tax filing alternatives Yes Yes Yes No Federal Tax ID required Flow-through Flow-through Flow-through Individual Tax concept Self-employment but limited partners/member s are not subject to SS tax unless they perform personal services for the entity Self-employment but limited partners/member s are not subject to SS tax unless they perform personal services for the entity Self- employment Self- employment Owners’ income