Single to multi member LLC conversion done it? is it worth it?

[Colleen F.]

Just wondering what the implications are of changing a single member LLC to a multiple member LLC as far as current depreciation, basis, carry forward losses and any other issues. Consulting a lawyer and accountant when tax season slows down but has anyone done this? Apparently there is an advantage to a multimember LLC as far as RI inheritance tax but I am not sure in the end if it is better. I am also not sure if we would be creating an issue or solving one. A single member LLC may not have been the best choice in the first place but that is a separate issue that we may need to address.