Ben and molly are married and will file jointly. ben generates $300,000 of qualified business income from his single-member llc (a law firm). he reports his business as a sole proprietorship. wages paid by the law firm amount to $40,000; the law firm has no significant property. molly is employed as a tax manager by a local cpa firm. their modified taxable income is $381,400 (this is also their taxable income before the deduction for qualified business income). determine their allowable qbi deduction. $

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.