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New Member
posted Jun 4, 2019 8:11:02 PM

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

Im concerned because she is not selling it to us, we will still operate the same way we just want me listed as owner. The change was in Aug so now I need to close out her side and open mine I think, 

0 7 1270
7 Replies
Intuit Alumni
Jun 4, 2019 8:11:03 PM

How is the family business organized?  sole proprietorship, partnership, S-Corp, or Corp?

New Member
Jun 4, 2019 8:11:04 PM

sole pro llc

New Member
Jun 4, 2019 8:11:06 PM

Im talking tax wise, what do I have to do.

Intuit Alumni
Jun 4, 2019 8:11:07 PM

You should get legal advice about changing the ownership of the family business, particularly since it is a sole proprietorship.

A sole proprietorship is tied to its owner. Legally they are the same. There are no registration requirements to transfer the business; however, some legal aspects of the transfer deserve consideration.

For a discussion of this topic, please see the following article: 

How to Transfer Ownership of a Sole Proprietorship


Level 9
Jun 4, 2019 8:11:08 PM

And since it is a state registered limited liability company, your state may have legal paperwork to process.  Up to dissolving the existing LLC and creation of another.  While a single owner LLC is a disregarded entity for federal purposes, it likely is not to the state.

New Member
Jun 4, 2019 8:11:10 PM

I understand that I'm talking about tax wise how do I do that.

Intuit Alumni
Jun 4, 2019 8:11:11 PM

You basically enter a new Schedule C with you as the sole proprietor.  It is a brand new entity.  On the previous proprietor's return she enters that she stopped doing business in 2018.