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Although a partnership may not be technically an entity tax-exempt however, it must submit an annual tax return. Each partner is subject to income tax.
Individual tax returns. The partnership model has some advantages, such as sharing the financial burden of the business's creation and not having to pay income taxes.
That partnership. The partnership is accountable for the debts of the other and must be sure that your partners will pay their share.
LLCs for Artists
An LLC (limited liability company) is a popular business entity for artists that like the one we discussed earlier it provides greater liability protection to you as well as the
owner as well as the tax benefits of a owner, as well as the tax benefits of a. You will need to file in the state where you reside to establish an LLC. Similar to partners, you'll need to file in your state.
It can have several owners. The LLC will "pass the proceeds of" any losses or profits to owners who will then file individual taxes.