Hi, I have a multi-member DE LLC. There is a transfer of interest from one individual member to his own entity (basically from him to his company), and that transfer was done in the last week of December.
The LLC has small expenses to be passed through. Just checking,
- if I need to issue Schedule K-1 for the New Member?
- or i can just issue K-1 for the existing individual member assuming he is the owner in that year (since he is the one who owns the majority of the interests for that year)?
FYI - both the transferee and transferor are Non-US Person and not filing tax in the US
