03-03-2005, 06:11 AM
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 Re: Converting Multi member LLC to Single member LLC "biophase" <kenric[at]kenric.net> wrote: - quote - > I created a Multi member LLC (2 members) last year (2004).
Yes.> 1) In late December I moved a rental property into it. In > retrospect I should have waited till January. However, > there was no rent collected nor expenses in 2004 after the > property was moved into the LLC. > Do I have to file a tax return for this LLC (1065) for 2004? - quote - > If I do, it would be pretty much blank except for costs of
And the balance sheet, and the fact that you don't expense> incorporation right? organizational costs unless they occurred late in the year. - quote - > 2) I want to convert the 2 member LLC into a single member
Legal matter not a tax matter. Consult with an attorney.> LLC. The only place that my partner is mentioned which has > been recorded is in the Articles of Organization. > The LLC operating agreement is not recorded anywhere. Can I > change my operating agreement to show only myself as a > member? Do I have to notify the commission? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-28-2005, 07:54 PM
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| Converting Multi member LLC to Single member LLC I created a Multi member LLC (2 members) last year (2004). 1) In late December I moved a rental property into it. In retrospect I should have waited till January. However, there was no rent collected nor expenses in 2004 after the property was moved into the LLC. Do I have to file a tax return for this LLC (1065) for 2004? If I do, it would be pretty much blank except for costs of incorporation right? 2) I want to convert the 2 member LLC into a single member LLC. The only place that my partner is mentioned which has been recorded is in the Articles of Organization. The LLC operating agreement is not recorded anywhere. Can I change my operating agreement to show only myself as a member? Do I have to notify the commission? If not, I can still use my current operating agreement and according to it, a member can just give notice to me, the Administrative member, to withdrawl from the LLC. If the member has given me this notice and it's accepted, do I have to notify anyone that this has happened? The LLC is now a single member LLC, but I think the IRS is still expecting a 1065 return for 2004? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| converting, llc, member, multi, single |
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