Disclosure Guidelines - Partnerships Partnerships and their authorized representatives may obtain copies of their audit files once the Technical Resource Section has completed its review. The department's position is that the audit investigation is not complete until the completion of the review process. To whom you may disclose information to depends upon whether the partnership is a regular partnership, or a limited partnership. The partners function as one with respect to the management of the partnership.
All partners are liable for the partnership's total debts.
All Franchise Tax Board information on the regular partnership is confidential, and cannot be released to the public. The general partners manage the partnership's daily business activities and each general partner is individually liable for the partnership's total debt. The limited partners do not share in the management of the partnership and each partner's liability is limited to the amount that they have invested in the partnership. Generally, these entities have more characteristics in common with limited partnerships than with regular partnerships. Therefore, the disclosure guidelines on limited partnerships will also apply to these entities.