What type of entity should I list individuals as on form 1065 schedule k-1?
On Form 1065 schedule k-1 question I, I'm unsure what to put. My partnership has two general partners, both of which are individuals, not partners or corporations. Should I put "Individual", "General Partner", or what? I doubt it really matters, but I would like to know which term I should use.
Public Comments
- If they're General Partners, that's what you put! And yes,it DOES matter. I won't go into all of the legal ramifications but it does matter. Bear in mind that when you sign the return you are swearing to it's accuracy under penalty of perjury. That should be all of the motivation that you need to answer it properly.
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