LLC question

Forum|Forum|6 years ago
March 6, 2020
2 replies
16 views

My partner left one month after we filed a partnership LLC so now I am a sole llc. She did not make any money or contribute any money. Do I need to file a 1065? Also, is there a form that needs to be set to the IRS to change from a partnership LLC to a sole owner LLC?

TurboTax Home & Biz Windows

Best answer by Anonymous_

It would be good practice to file a final Form 1065, but if the LLC neither received income nor incurred any expenditures treated as deductions or credits for federal income tax purposes a return is not required.

Anonymous_Answer

Level 15

DavidS127

Level 13

As Community user tagteam pointed out, if you had income and expenditures while operating as a partnership, you are required to file a Form 1065, which for you would also be a final tax return.

When you become a single member LLC, you "default" to a "disregarded entity" (sole proprietorship filing Schedule C on your personal tax return) unless you file an application with IRS to be treated as a corporation (with or without an election to be treated as an S-corp).

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"