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Level 1
August 20, 2020
Question

Partnerships:

  • August 20, 2020
  • 2 replies
  • 17 views

Partnerships.

Does ProSeries have capability to enter each partner's individual income/expenses under one partnership.  

Scenario: 1 partnership, 4 partners, all have 25% each, but each has their own gross income and expenses. Is there an option in ProSeries to enter each individual partner's income/expenses, keeping it all at 25% each and then having a K1s printed with individual net income (as all had different gross/expenses)?

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    2 replies

    August 20, 2020

    Is this really a Partnership?  It sounds like 4 separate Sole Proprietorships.

     

    sjrcpa
    Level 15
    August 21, 2020

    If it is a partnership they are doing allocations by formula. Does the Operating Agreement provide for this?

    You would need to Specially Allocate everything. What a pain in the tuchus.

    The more I know the more I don’t know.