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lindaschultz54
New Member

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

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

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Accepted Solutions
SweetieJean
Level 15

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

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

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5 Replies
SweetieJean
Level 15

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

"turrn over to my son" is more of a legal question. Is the LLC still in your name?
TomYoung
Level 13

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

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
Level 15

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

and is it an S Corp?
lindaschultz54
New Member

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

Right now I am not a LLC I am the sole owner and I wI'll be gifting the business to my son
SweetieJean
Level 15

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

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

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