2025›Partner’s Instructions for Schedule K-1 (Form 1065)›General Instructions

Definitions

Instruction 1065 (Schedule K-1) — Partner's Instructions for Schedule K-1 (Form 1065), Partner's Shares of Income, Credits, Deductions, etc. · 2026-10-03 edition · updated 2026-10-04 · United States

General Partner A general partner is a partner who is personally liable for partnership debts.

Limited Partner A limited partner is a partner in a partnership formed under a state limited partnership law, whose personal liability for partnership debts is limited to the amount of money or other property that the partner contributed or is required to contribute to the partnership. Some members of other entities, such as domestic or foreign business trusts or limited liability companies (LLCs) that are classified as partnerships, may be treated as limited partners for certain purposes.

However, whether a partner qualifies as a limited partner for purposes of self-employment tax depends on whether the partner is considered a limited partner under section 1402(a)(13).

Nonrecourse Loans Nonrecourse loans are those liabilities of the partnership for which no partner or related person bears the economic risk of loss.

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▸Contents — Instruction 1065 (Schedule K-1) — Partner's Instructions for Schedule K-1 (Form 1065), Partner's Shares of Income, Credits, Deductions, etc.

Instruction 1065 (Schedule K-1) — Partner's Instructions for Schedule K-1 (Form 1065), Partner's Shares of Income, Credits, Deductions, etc.

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