A partnership might form when limited partners ... Both LPs and LLCs have pass-through taxation, meaning the profits get taxed as personal income. However, corporations must pay federal taxes ...

While the limited liability feature is similar to that of a corporation, the availability of pass-through taxation to the members of an LLC is a feature of a partnership rather than an LLC.

ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home since the assessee cannot be classified as a ‘person’ engaged in the ...