Hey TT community,
I'm currently a member of an early stage multi-memer LLC (it's 2 people including myself) and I'm am looking to leave. Let's call my partner "Person A". Here's some details.
* Person A formed the LLC (originally as a single-member LLC) and filed the certificate of formation with the state in early 2024.
* I joined a few months later. We filed an initial report with the secretary of state listing me and Person A as governors of the LLC + signed an operating agreement (giving me equity in the business). Don't believe an amended certificate of formation was submitted.
* Filed for IRS EIN as multi-member LLC with Person A as the responsible member.
* Long story short, Person A is moving the biz forward and I'm leaving (basically giving back any existing equity/ownership).
* No revenue, no liabilities, no employees, no nothing to-date.
Here are my q's:
* Given no tax history with IRS + we're in the same filing year (2024) + nothing really happend in the business, are there official forms that need to be filed (maybe other than removing me as a governor of the LLC with the secretary of state)? I've read more established businesses need to file a mid-year form 1065 but any K-1 I receive would just be zero's across the board.
* If yes, what forms need to be filed and by when to reflect this change back to a single-member (i.e. sole proprietership) LLC?
Thanks in advance for your inputs!
