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Canadian Partnership Agreement

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Partnership
Partners
Accounting
Management
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Partner Compensation

Will the Partners receive compensation for work done for the Partnership?

Yes No Do Not Specify Compensation would be in addition to a share of the profits.

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Tax Matters Partner

Who will be your Tax Matters Partner?

Partner #1 Partner #2 Unsure

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Fiscal Year End

What is your fiscal year end?

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Annual Reports

In addition to the federal income tax report, what other reports do you want to include in your annual report to Partners?

Supporting income statement Balance sheet Cash flow statement Profit and loss summary

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Frequently Asked Questions

Why do I need a Tax Matters Partner?

Why do I need a Tax Matters Partner?

The Internal Revenue Code will require that your Partnership identify a Partner to be the primary contact for taxation issues.

What is meant by fiscal year?

What is meant by fiscal year?

A fiscal year is the period used by governments for accounting and budget purposes.

Why do I need the federal income tax report?

Why do I need the federal income tax report?

Each of your Partners will need a copy of the federal income tax report in order to calculate their own personal income tax.

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