Hi There
First I hope that you and your loved ones are safe during these time
I saw your reply to this question and I wanted to ask a question. You mentioned that if you sale your LLC that was taxed as a partnership, the new single member owner now has an “Schedule C” business because the LLC will choose final return. My question is: Can that new owner continue to use the LLC name when filing their Schedule C?
I originally had a 2 member LLC for a small takeout establishment. Me 90% the other person 10% . In December 2019 we sold the LLC interest to one person. My basis was about 100k and the other one was about $20k. There was about 20k of debt on business at the time. I Sold the business for less than my basis. Does the new owner continue to use the name of the llc on their schedule c? how does that work if i’m electing final return on the llc 1065?
