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New Member
posted Mar 11, 2022 11:13:39 PM

Converting Multi-Member LLC to Single-Member LLC

Hello,

 

I have a multi-member LLC. I want to turn it into Single-Member LLC.

 

What legal things should I do? 

0 3 1076
1 Best answer
Level 13
Mar 12, 2022 7:08:42 AM

You need to review the tax consequences that are provided in Revenue Ruling 99-6

https://www.novoco.com/sites/default/files/atoms/files/irs-revenue-ruling-99-6.pdf

 

3 Replies
Level 15
Mar 12, 2022 6:38:01 AM

Please consult a local attorney.  We cannot offer legal advice here.

Level 13
Mar 12, 2022 7:08:42 AM

You need to review the tax consequences that are provided in Revenue Ruling 99-6

https://www.novoco.com/sites/default/files/atoms/files/irs-revenue-ruling-99-6.pdf

 

Level 15
Mar 12, 2022 7:37:52 AM

It's not simple. Especially if your state taxes personal income. Legal help is highly recommended here.

Basically, the MMLLC has to be dissolved, capital investments returned, assets disposed of, among other things. With only three days left to file the 1065 return "on time", I hope you can find someone in your locale that can assist you with this before the March 15 filing deadline for the 1065.