We setup a husband and wife multi-member LLC that files a 1065 every year. We did that for particular reasons, and understand that it would have been easier tax filings as a single member llc reporting on Schedule C.
The reason for the initial setup will wane in about a year. In addition, this LLC produces very little income anymore. But we have to pay an accountant every year to create the 1065 and K-1s and would like to simplify our tax filings by moving to a schedule C reporting.
I'm unclear how I do this. I assume the multi-member LLC would do some sort of final tax filing, and from then on we can just report on Schedule C. Thoughts?
