Is is possible for a Partnership to own a single member LLC?
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Yes.
The single-member LLC is owned 100% by the partnership and is a disregarded entity for tax purposes.
The LLC should be reflected in the partnership's tax return as a division of the partnership.
See this IRS document.
How do I prepare the tax return. Do i prepare a partnership or personal tax return for that?
As noted by @MinhT1 you include the SMLLC in the partnership tax return.
You file one form 1065 that includes the activity of the partnership and the SMLLC.
Once the form 1065 is complete, it will generate a K-1 and you will then include the K-1 information in your personal tax return.
In order to accomplish the above, you need two different versions of TT; one to complete the partnership return and one to complete your personal tax return.
The due date for the partnership return was March 15th. So unless you extended the partnership return, it is late.
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