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Which of the following is NOT one of the criteria used to determine whether a partnership will be treated as a corporation for tax purposes? Multiple ChoiceUnlimited liability Continuity of life Centralization of management Free transferability of interests

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Unlimited liability is not a criteria used to determine that the partnership will be treated as corporation for tax purpose.

What is partnership for tax purposes?

  • A partnership is a business or trade relationship formed by two or more people. Each person contributes money, property, labor, or skill, and shares in the company's profits and losses.
  • Under federal law, a partnership is not a taxable entity. This means that, unlike the corporate income tax, there is no separate partnership income tax.
  • A partnership is an agreement between two or more people to manage a business and share profits and liabilities. All members of a general partnership company share both profits and liabilities. Professionals such as doctors and lawyers frequently form limited liability partnerships.
  • Income, as well as deductions and credits, are passed through to each partner. This means that profits are only taxed once.

To learn more about partnership refer to :

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