Ask Experts Questions for FREE Help !
Ask
    olaminvestments's Avatar
    olaminvestments Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 7, 2012, 06:05 AM
    LLC transition
    Can a California LLC be changed back and forth from a multi-member entity to a single member entity , on a yearly basis ? Is this entity change shown or executed only by the need to file IRS form 1065 when the members want the LLC to be considered a multi-member entity and IRS form 1040 is filed when the single member wants the entity to be considered a disregarded entity for tax purposes ? Or does the LLC operating agreement also need to be changed to signify the change in LLC status from multi member to single member (and back if desired) ?

    Thanks

    Loren
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 14, 2012, 01:14 PM
    Multiple changes like that would probably be stopped by the IRS after the second or third change.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can an existing LLC be a member of another LLC? [ 1 Answers ]

Can a LLC own another LLC?

Does a check endorced to llc have to say the name AND LLC to follow? [ 1 Answers ]

Ex. Smith&Son LLC

Are new members of an LLC responsible for outstanding debts of the LLC? [ 0 Answers ]

My partner and I are 50/50 owners of an LLC. We are both managing members. 50% of our ownership was used as collateral for loans from an investor. The investor is also a managing member but did not have an ownership interest in the LLC until we defaulted on the loans. The investor now has 50%...

S Corp 100% owner in LLC (Taxed as S Corp), How do I account for LLC on S Corps books [ 1 Answers ]

I have an S Corp that is a 100% owner in an LLC (which is taxed as an S corp). I am preparing the taxes for the companies and have run into a problem. I have given the S corp the k-1 from the llc and put the $'s into "other income" (Income section, line 5 1120s schedule). However, in filling in...

Single Member LLC or Partnership (Husband/Wife) LLC (Tax Advantages) [ 1 Answers ]

Hello, My wife is winding down to her last semester in college and has already gotten really busy with freelance work. In the midst of all this work is contracts, deadlines, and money. On the side we have been doing photography work for a little over a year now, but will no doubt get a lot...

View more questions Search