Limited Partnership Businesses and Form Filing Software

A limited partnership is a kind of business structure that allows investors to limit their personal liability as it relates to the business’s debts and obligations. It’s one of the most common business structures and helps incentivize investors to provide capital to new businesses. Crucially, the limited business partner does not have any control over the day-to-day operations of the business. That rests with the general partner.

General Partner vs. Silent Partner

In other words, if you’re starting a software tech company with a college roommate who’s going to help develop the products and strategy, you’re more likely to set up a general partnership business. If, on the other hand, you have the gumption and know-how to start your own business but what you’re lacking is the startup capital, you’re more likely to seek out a limited partnership business. This could be an agreement you enter into with a friend or family member with some amount of personal wealth, or it could be an agreement with some of the world’s largest private equity investors.

A limited partner is also sometimes called a silent partner. These silent partners enjoy limited liability as well as potential tax advantages that come with “pass-through” income that enables the partner to count their share of the business’s profits as personal income. Moreover, there are generally few restrictions on a company’s ability to take on more than one limited partner. Known as master limited partnerships, some companies can even be set up to take advantage of these LP tax benefits, while still being able to raise capital as a publicly traded company. Use this link to learn more about the role of filing form software for an MLP.

Simplified Tax Advantages vs. Complex Filing Requirements for LPs

Here’s the thing: Even this relatively simple business structure can be used for fairly complex business operations. A few simple pages covering Form 1065 can be used to report the business’s income and losses, but when it comes to reporting income and distributions made to your company’s employees, contractors, and third-parties to both state and federal agencies, the form filing requirements can really start to add up.

To this end, Advanced Micro Solutions (AMS) set off to create a software solution that could serve mom-and-pop businesses, large investor-driven LPs, as well as other types of business structures. To do it effectively and cost-effectively, we came up with a modular approach that uses a powerful software platform and a versatile catalogue of products. Let’s start with our platform. The W-2/1099 Forms Filer from AMS offers a core set of data management technologies including powerful file importing, multiple data-entry options, and reliable information printing on pre-printed forms.

This platform software already provides a head start for small businesses that have basic, if volume-based, form filing requirements. That said, most companies are looking for more sophisticated features that allow them to generate their own filing forms, e-file with federal and state tax agencies, and/or complete their payroll processing. Take a look at these products and prices to build a software package that speaks directly to the needs of your limited partnership.

  • W-2/1099 Forms Filer (required platform)
  • Payroll Software
  • Software-Generated Forms
  • E-File Direct
  • Affordable Care Act Filer
  • 1042-S Filer
  • Forms Filer Plus


Download our demo software, talk to our Sales and Information team at (800) 536-1099, or buy our products online at any time.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.