Like - Click this link to Add this page to your bookmarks 中文 | 한국어 | TiếngViệt | Pусский A partnership is the relationship existing between two or more persons who join to carry on a trade or business. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Partners are not employees and should not be issued a Form W-2. Instead, it “passes through” any profits Marriage or losses to its partners. If you are a partnership or a partner individual in a partnership, use the information in the charts below to help you determine some of the forms that you may be required to file. Each partner includes his or her share of the partnership's income or loss on his or her tax return. Each person contributes money, property, labour or skill, and expects to share in the profits and losses of the business.