LLC: Partnership to Single Member

[woodythegoat]

My wife and daughter are a two member Partnership LLC.  My wife will be withdrawing from that partnership (retiring).  Our daughter will continue the LLC as a Single Member, same business name, same tax ID number.

I prepare tax returns on their behalf via TurboTax.

Q: How do I handle the transition from Multi Member to Single Member?  I suspect that we would file a final return, indicating that the Partnership LLC ended on (insert date here).  Then we would initiate a new return indicating that the Single Member LLC began on (insert date here). Is this correct?

I believe that the Single Member will now report earnings and expenses on Schedule C, Form 1040, however, a google search gives conflicting info.

[Anonymous_]

See @Rick19744's in the following thread (it is comprehensive).

https://ttlc.intuit.com/community/business-taxes/discussion/re-purchased-partner-s-50-ownership-of-a...

[woodythegoat]

OK, thanks!