Vanessa A
Expert Alumni

Business & farm

Yes, since you started it in 2022 with 3 members, you will need to file a 1065 and 4 K-1's (the 3 family members and yourself).  You will report the other members starting ownership beginning percentage and their ending ownership percentage.

 

Since you have gone from a multi member LLC to a single member LLC, you may want to contact a local Business Advisor on how to proceed as your tax reporting requirements are different when you change to the single member LLC.

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