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Rather than the business or partnership being responsible for paying taxes as an entity, the tax liability is split among the partners or shareholders. That being said, partners or investors don’t have to prepare the K-1 form themselves, rather they must use the information provided on the issued form to complete their individual returns.
Bill Mann: Yeah, she's obviously a very talented businesswoman and it's to the point that when FTX collapsed, people were giving Taylor Swift credit that maybe not entirely deserved for not having gotten into NFT's because she was worried about contingent liabilities, but yes, obviously a very savvy businesswoman and a talented artist.
It’s about surrounding yourself with not generalist consultants that come in and tell you this market is big and growing, right? But we know what our future liabilities are, and we can ladder that out. The assumption is, hey, these are big, sophisticated investors, making big investments into companies.
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