What it is
A partnership return depends on the agreement and on each partner’s capital, share of profit and loss, and liabilities. The organizer asks for the agreement and for a table by partner.
It covers changes in partners, financial records, partner transactions, property transactions, state and foreign items and notices.
When to use it
- Each year before preparing Form 1065 and the K-1s.
- When a partner joins, leaves or transfers an interest.
- When the agreement is amended.
What’s inside
- Partner table with capital, profit and loss shares
- Records list and partner transaction table
- Questions on property distributions, special allocations and guaranteed payments
- State pass-through tax, multistate and foreign questions
Standard cited
This template follows Form 1065. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Why list the partnership representative?
The partnership needs a named contact for the IRS. The organizer asks for the name and contact.
Does it work for a multi-member LLC?
Yes, if the LLC is taxed as a partnership.
How are capital accounts tracked?
The organizer asks for a roll-forward by partner. The partners’ capital roll-forward template in this library supports it.
Related templates
- Partners’ Capital Rollforward Template
- Business Tax Return Review Checklist
- State Apportionment Workbook (Excel)
- LLC Formation and Tax Setup Checklist
Last updated 11/06/2026. All free templates.