Passive Income Definition Tax law distinguishes between active income and passive income. Returns generated from investments or business activities that require the continued effort of the taxpayer are considered active income. Consider returns coming from investments or business activities that require little or no participation from the taxpayer passive income. Another type of income is
Partnership Definition A partnership is a type of business organization. Two or more individuals own and operate this business organization. These individuals are partners. Furthermore, it is unincorporated. Although it is not considered a legal entity separate from its owners, the details of this arrangement are stipulated in a contract. Call that contract a partnership
Limited Partnership Definition A limited partnership is a private or public business owned by two or more partners, including both general partners and limited partners. In this type of partnership, the partners share the profits and losses of the business as stipulated in a predetermined agreement. The general partners share the management and control of
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