Tax 130 Homework Ch. Convenient to the taxpayer since withheld from taxpayer's wages and requires no computing, separate payment, or reporting by taxpayer. The tax is regressive. The other half that would have been withheld from the employee is not deductible by the employee, and not by the employer since the employer did not have that expense.
General partners are liable for all partnership debts.
Limited partners are not liable for partnership debts. At least one partner in a partnership must be a general partner. Partners in a LLC are not liable for partnership debts. Stockholders in an S corp. are not liable for the corporation's debts. That categorization is done at the source, which is the partnership or S corp.