When can I start to file my taxes I am a small sole owner of a business

[lindaschultz54]

I am a small sole owner of a family business and would like to turn some of it over to my son do  I do a LLC And how do I do this I have owner it for 6 years after I retired from my previous job of 36 years I am 60

[SweetieJean]

"turrn over to my son" is more of a legal question. Is the LLC still in your name?

[TomYoung]

I believe you said that you currently have the small business inside an LLC?  If that's the case I would think that an election on the part of the LLC to become, and be taxed as, a partnership would be an option, with you either gifting or selling a portion of your ownership to your son.  I don't think this is necessarily a a "do it yourself" project though.  I would suggest engaging some local competent legal help in this case.

[SweetieJean]

and is it an S Corp?

[lindaschultz54]

Right now I am not a LLC I am the sole owner and I wI'll be gifting the business to my son

[SweetieJean · Accepted solution]

For 2016, you just file your taxes as usual. You can start working on them now.