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Form 1065, U.S. Return of Partnership Income, is a tax form used by partnerships to provide a statement of financial performance and position to the IRS each tax year. The form includes information related to a partnership's income and deductions, gains and losses, taxes and payments during the tax year.

Your New Jersey general partnership will need to register with the State of New Jersey. The partnership may be subject to income tax on its New Jersey-derived income. You may also need to pay an additional filing fee if you have more than two partners in your New Jersey general partnership.

Partnerships subject to the CBT must file the NJ-CBT-1065. The separate forms help distinguish the differences that exist between the Gross Income Tax and Corporation Business Tax Acts. The filing fee is reported directly on the NJ-1065. The GIT filing fee is remitted with the Partnership Payment Voucher (NJ-1065-V).

How to form an NJ General Partnership ? Step by Step Step 1 ? Business Planning Stage. ... Step 2: Create a Partnership Agreement. ... Step 3 ? Name your Partnership and Obtain a Trade Name. ... Step 4 ? Get an EIN from the IRS. ... Step 5 ? Research license requirements. ... Step 6 ? Maintain your Partnership.

Partnerships compute and report the filing fee on Form NJ-1065. payment penalties and interest for the filing fee. Partnerships must pay $150 for each individual, trust, estate, or entity, including any ?pass- through? entity that owns a partnership interest, up to a maximum of $250,000.

The primary advantages of a General Partnership are single taxation: you only pay taxes once on your share of the business profits. General Partnerships are also easy to start and maintain. General Partnerships are easy to create with little or no paperwork to file.