How to change my LLC from Sigle Member LLC/Sole Propietorship to Manager-Managed LLC

[JLLeconaMBA]

Turbo-Tax

To whom it may concern:

I would like to know how may I do in order to change my LLC structure from Sigle Member LLC/Sole Propietorship to Manager-Managed LLC, also, I would like to know if Turbo-Tax is able to help me, if this is possible, I will appreciate you let me know how may I do in order to talk about the process.

Thanking you in advance, I will be waiting for your comments.

Sincerely,

Jose Luis Lecona

[johnd84]

Hi Jose,

Thanks for your question. Did you add additional owners to your LLC? If so the LLC has already changed away from a Single Member LLC. If you are the only owner, you are a Single Member LLC. If you are wanting to change the structure of your business you will want to consult a local tax/business attorney as LLC are entities governed my state law. I hope this helps! 

[JLLeconaMBA]

Thanks for your reply, according to your answer, I asume that my LLC is now a Manager-Managed LLC due to I am not the only member anymore.  Also, I am going to take care about that, of course, if TuboTax can help me to keep doing my Anual Tax Return as we use to do until now, it will be great. Have annice day.  JL Lecona

[Critter-3]

TT cannot help you with what you need ... you are switching from a sole member LLC  to a multimember LLC which will be taxed as either a Partnership or a Corporation so please seek local professional assistance to get this set up correctly and get educated on the options you have.

[JLLeconaMBA]

Actually, last March 2023, I mentioned 2 persons at my LLC Operating Agreement in order to allow them to take care about the LLC assets such as Banking and Brokerage Accounts in case I will die, but they are not going to be part of the Management of the LLC while I am alive. So, my question is, do I have to look at for some local Accountant or can I keep doing the Annual Tax Return 2023 with Turbo Taxes? Thanking you in avance I will be waiting for your reply. JL Lecona 

[Critter-3]

If this is being handled like a trust then you should not have set it up as an LLC business.  Please talk to a local tax professional or tax attorney if you are not sure what you are doing. 

[JLLeconaMBA]

Thanks for your reply, I will consult an Accountant in order to be sure about everything is fine according to the way that NY Department of Estate told me before mention the persons to take care about my LLC in case I will die. JL Lecona