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Is a general partnership owned directly and entirely by natural persons that elects limited liability status a taxable entity?

April 26, 2017directly elects entirely liability limited natural partnership persons

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Is a general partnership owned directly and entirely by natural persons that elects limited liability status a taxable entity?

1 Answer

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Yes, even if a general partnership is composed entirely of natural persons, if it elects limited liability status it is a taxable entity. TTC 171.0002(b)(2).