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Corporate Office
P.O. Box 568
7515 N. Lake Shore Drive
Cedar Lake, IN 46303
Phone: (219) 374 - 9884
Fax: (219) 374 - 8137
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A Partnership can be a general partnership with two or more
owners responsible for the company's day-to-day operations. The income
or loss flows through to the individual partners 1040 tax returns.
All have unlimited personal liabilities for the company. In a Limited
Partnership there may be more than two partners, but one owner
must be a general manager and carry the unlimited liability. On the
other hand, the limited partner's liability is limited, and their
ability to deduct losses may be limited. Again, both the income and
loss flow through the owner's individual 1040 tax return.
For more information, please consult an attorney or financial advisor.
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