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Convert Partnership LLC to Single-Meber LLC
My wife and I bought a duplex in Orem, UT a few weeks ago. Immediately after closing, we registered an LLC so that we could protect our personal assets as landlords. Initially we set it up as a partnership LLC, but after consulting with our CPA we realize that we could have and should have done it as a single-member LLC so that we don't have to file a 1065. Do we need to do anything to change it or can we just file a 1040 next year and claim it as a single-member LLC on our return?
You can have an attorney draft up a sale of one person's share to the other then making it a single member LLC.
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CPA
- Basit Siddiqi CPA, PLLC
- 917-280-8544
- http://www.basitsiddiqi.com
- [email protected]
Quote from @Basit Siddiqi:The "partnership" is just my wife and me. We don't need an attorney. We just want to make it a single member LLC.
You can have an attorney draft up a sale of one person's share to the other then making it a single member LLC.
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