IRS form 1065 is the business tax return for a partnership. A partnership is basically a sole proprietorship multiplied by the number of people involved. A partnership is based upon a contractual relationship formed to carry on a trade or business. In a general partnership, each partner is personally liable for the total debts of the business. In a limited partnership, a limited partner is liable only to the extent of his own investment in the business.
Avoid delays in processing your application
For all documents:
- Make sure the copies you send are legible.
- Do not include documents that have been altered with correction fluid or by other means.
- Submit the entire requested document and include all pages (even blank ones).
For this document:
- Send returns from all requested years (e.g., last 2 years).
- Verify that information on forms match entries on your tax returns.