Partnerships and LLCs are taxed at the firm level unless they elect to be taxed at the individual level.

Name: Partnerships and LLCs are taxed at the firm level unless they elect to be taxed at the individual level.
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Partnerships and LLCs are by default "pass-through" entities for tax purposes, meaning they are not taxed at the firm level but rather, profits and losses are passed through to the individual partners or members to be reported on their personal tax returns.

Partnerships and LLCs Are Taxed at the Firm Level Unless