My wife and daughter are a two member Partnership LLC. My wife will be withdrawing from that partnership (retiring). Our daughter will continue the LLC as a Single Member, same business name, same tax ID number.
I prepare tax returns on their behalf via TurboTax.
Q: How do I handle the transition from Multi Member to Single Member? I suspect that we would file a final return, indicating that the Partnership LLC ended on (insert date here). Then we would initiate a new return indicating that the Single Member LLC began on (insert date here). Is this correct?
I believe that the Single Member will now report earnings and expenses on Schedule C, Form 1040, however, a google search gives conflicting info.
