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Updated over 11 years ago, 04/10/2013

User Stats

82
Posts
51
Votes
Thomas DeMoss
  • Rental Property Investor
  • Chattanooga, TN
51
Votes |
82
Posts

Changing to single member llc

Thomas DeMoss
  • Rental Property Investor
  • Chattanooga, TN
Posted

i set up my llc with my wife and i, each having 50% ownership. This was suggested by my lawyer, but not sure why. I filed my taxes and recieved a $600 bill from my cpa to file for the llc which holds two properties. After seeing my sticker shock they kindly reduced my fee to $250 and suggested i convert to a single member llc whereby eliminating the need to file a return for llc and would just need to file personal taxes. Since we live in TN we can file a FONCE exemption with eliminates the f&e taxes on any family owned llc. I am not sure how to remove my wife from llc and what if any advantageous reasons there would be to leave her on. i have an EIN# already, would i need to apply for a new one if i change to single member? Thanks for the help.

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