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Leudast
Level 2

Single Member LLC to Multiple-member LLC

Hello,

 

I first created a single member LLC on June 2019 but later on October I included my father as a member making it a multi-member LLC.

 

I already bough turbo tax business but is there anything  I should take into consideration when filling?

3 Replies
AlanT222
Expert Alumni

Single Member LLC to Multiple-member LLC

You must remember that both you and your father must receive a K-1 for your share of the profits or losses.  Also, the deadline to file your Form 1065 is March 16, 2020, unless you file an extension.  

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Leudast
Level 2

Single Member LLC to Multiple-member LLC

Ok Thanks! and I don't have to fill anything extra like the sell of my shares because I converted the LLC from single member to a partnership?

 

Also my parents lived with me without working for around 8 months, can I put them as dependents for that amount of time?

 

Thank you.

AlanT222
Expert Alumni

Single Member LLC to Multiple-member LLC

Generally, you can claim your parents if they didn't have more than $4,200 in gross income (excluding nontaxable Social Security) and you provided more than half of their support in 2019. Your parents do not have to live with you.

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