Business Tax · Partnership
Partnership Tax Preparation in Raleigh, NC
Form 1065 preparation, partner K-1s, and basis tracking for partnerships and multi-member LLCs — coordinated with each partner's own return.
Most multi-member LLCs are partnerships by default
A multi-member LLC is taxed as a partnership unless you've elected otherwise — which means a 1065 and K-1s for every member, even if nobody thinks of the business as a “partnership.” We handle the return and the coordination with each partner's personal return that follows it.
What's Involved
What we handle for a partnership client
1065 Preparation
The partnership return itself, plus a K-1 for every partner, prepared by the CPA who already has your books.
Partner Allocations
Profit, loss, and special allocations split the way your operating agreement actually says — not a simple percentage guess.
Guaranteed Payments
Payments to partners for services or capital, handled correctly so they don't get miscoded as a distribution.
Capital Account & Basis Tracking
What each partner can deduct and what happens when they exit depends on a number we track continuously, not reconstruct at filing time.
How this connects to CFO & accounting
Partnerships and multi-member LLCs are frequently part of a larger structure — a holding entity, related-party loans, shared costs between affiliated businesses — which is exactly what multi-entity accounting is built to handle. Getting the intercompany side right on the books is what makes partner allocations and basis tracking accurate on the return.
Partnership Questions
Frequently Asked Questions
What partners ask before their first joint return.
Get a fixed-fee quote for your partnership return
Answer a few questions about your business. You'll have a tailored, fixed-fee quote from Andrew within one business day.