Ok thank you, this helps a lot. I am wondering for how we manage the partnership going forward. Is there any benefits like additional separation from partners, personal liability protection, or anything else by transferring my 50 percent ownership of the two memeber LLC to my single member LLC? Is there any benefits from passing the partnership K-1 income through my LLC and then to my personal, compared to the K-1 partnership income and my LLC income separately to my personal? Or even a different option, having the partnership being owned by two LLCs 50/50 instead of two individuals. I realize the taxable amounts stay the same.
