A multi-member LLC or partnership doesn’t pay income tax itself — it files an information return on Form 1065 and passes income out to the partners on Schedule K-1s. Get the K-1s wrong and every partner’s personal return is wrong too. Marion Tax Service prepares the 1065, the NJ-1065, and an accurate K-1 for each owner.
We handle the allocations that make partnership returns tricky — profit and loss splits that don’t match ownership percentages, guaranteed payments to partners, and capital-account tracking.
What’s Included
Partnership and multi-member LLC preparation covers:
- Federal Form 1065 partnership return and supporting schedules
- Schedule K-1 for each partner, with their share of income and deductions
- NJ-1065 New Jersey partnership return and any partner-fee calculation
- Profit, loss, and special allocations per the operating agreement
- Guaranteed-payment reporting for active partners
- Partner capital-account and basis tracking
- Coordination so each partner’s 1040 matches their K-1
Who It’s For
This return fits businesses owned by more than one person:
Multi-Member LLCs
Two-or-more-owner LLCs taxed as partnerships that need 1065 and K-1s.
Partnerships
General and limited partnerships requiring accurate allocations and K-1s.
Real-Estate Partnerships
Co-owned rental or investment property reported on a partnership return.
New Co-Owned Ventures
Partners filing their first 1065 who need allocations set up correctly.
Why Marion Tax Service
Partnership allocations and capital accounts are detail-heavy and easy to get wrong — and the error multiplies across every partner. 50+ years of experience keeps the 1065, the K-1s, and each partner’s 1040 in agreement.
If your operating agreement has special splits or guaranteed payments, we make sure the return actually reflects what the partners agreed to.
Related services: LLC Formation Business Tax Returns Bookkeeping.