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Discussion:MMLLC to SMLLC
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Discussion Forum Index --> Tax Questions --> MMLLC to SMLLC
Bottom Line (talk|edits) said: | 9 January 2007 |
| Client was a multi-member LLC (3 members) filing 1065. Two of the members sold their interest to the third member. Now the LLC only has one member. Does more than one tax return (1065 and Sch C) need to be filed for the year? | |
| January 9, 2007 | |
| I would think so. At the moment it became one guy, you've got a disregarded entity by definition. Tho' for practical purposes, I wonder how many of us would just finish the year and mark it final? | |
Bottom Line (talk|edits) said: | 9 January 2007 |
| One of the bought out members is pretty sharp. Sounds like short year (10 months) for 1065 and 2 months for Sch C. I'll do the 1065 but the now 100% person has his own tax preparer that he likes to use (specializes in insurance agencies). I'll give him B/S & P&L for the 2 months so other person can do Sch C. | |
| 2 February 2008 | |
| In this type of situation, does a statement need to be attached to the final 1065, similar to a sec 708(b) (1) (B) statement when > 50% is transferred in a 12 month period? If so, does anyone have the cite for the code section? | |
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