Hi everyone, not sure if this is the right forum to post this question, but i need help to clear some confusion.
What I know:
1: Sole Proprietorship(SP) is owned by 1 person. Partnership is owned 2 to 20 people
2: Owner/Partner is personally liable for any liabilities company owes.
3: Income tax is based on personal income.
What I dont know:
1: Does partnership business require and different kind of tax filing? or just same as SP?
2: Partnership tax is based on total of all the partners income? or individually tax?
3: Any other reasons why people would want to register partnership rather than SP other than the management?
4: If I register the company and don't do any business, do I still need to file income tax?
I'm just very confused about the filing income tax part for SP/Partnership.