Re: [taxchat] LLC Question...

I agree that partnership is no longer. Client could simply file on Sch C as an LLC - Disregarded Entity, not necessary to file 1120S, but has to terminate the old LLC and set up a new one with the State.

 

 

----- Original Message -----

From: Debbie Wilson

To: taxchat@yahoogroups.com

Sent: 09/26/2008 4:50 PM

Subject: RE: [taxchat] LLC Question...

I would think that the LLC is done.  The partnership ended.  Now you would have to set up a new LLC and have it taxed as a S-Corp.

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Laura Morton
Sent: Friday, September 26, 2008 3:34 PM
To: taxchat@yahoogroups.com
Subject: [taxchat] LLC Question...

LLC has two members currently being taxed as a partnership.

One member is leaving the LLC and will not be replaced leaving a sole member.

Default on two is partnership – now that it is loosing the member I assume it will default to sole???  At date of change.

And if it wanted to be taxed as an S Corp - How would you make the election at this point?

Thanks!!

Laura M. Morton, EA

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