What is the tax filing status of a joint venture?

In West Virginia, a joint venture is considered a partnership, meaning that it has its own tax filing status separate from the individual members of the venture. Depending on the tax status of the joint venture, it may file taxes as either a partnership, limited liability company (LLC), or a corporation. If the joint venture is set up as a partnership, the venture must obtain a federal Employer Identification Number (EIN) and file Form 1065, U.S. Return of Partnership Income with the Internal Revenue Service (IRS). Form 1065 is a partnership tax return that reports the income, deductions, gains, losses, and other information of the joint venture. In West Virginia, an LLC joint venture must obtain an EIN if it has more than one member, and these LLCs must file Form 1065 as partnerships. Alternatively, the LLC may elect to be treated as a corporation for federal tax purposes by filing Form 8832, Entity Classification Election with the IRS. In this case, the LLC must file Form 1120, U.S. Corporation Income Tax Return. Finally, if the joint venture is formed as a corporation, it must also obtain an EIN and file Form 1120 with the IRS. All of these forms must be filed on or before the 15th day of the fourth month following the close of the business year. In summary, the filing status of a joint venture in West Virginia depends on how the venture has organized itself and what type of entity it has chosen to become. Depending on this filing status, the venture must file either Form 1065, Form 8832, or Form 1120 with the IRS.

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What is the tax filing status of a joint venture?

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