Form 1065 is a tax document used to report the profits, losses and deductions of business partnerships. In addition to Form 1065, partnerships must also submit Schedule K-1, a document prepared for each individual partner. Schedule K-1 identifies the percentage share of profit and loss assigned to each partner, both at the beginning of the reporting period and at the end. Partnerships themselves do not pay income tax, so Form 1065 is just for informational purposes.