Tax returns for individuals. The partnership model comes with advantages, for instance sharing the financial burden of the business's creation and not being required to pay taxes on income.
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the partnership. However, you will be personally responsible for each other's debts and you have to be sure that your partners pay their portion.
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LLCs for Artists
Limited liability companies (also known as an LLC) is a popular form of business entity for artists.
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owner, and the tax advantages of a partnership. An LLC is required to be registered with the specific state that you are a resident of. Like a partnership.
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can have multiple owners and will "pass the gains (or losses) through" your LLC to the owners, who then will file that cash on their own tax returns.
