David Posted July 15, 2017 Report Share Posted July 15, 2017 A 50% member of a two member LLC agreed to sale his LLC interest to the remaining LLC member for release from debt liability. The date of the agreement is 4/3/17. I understand that a short year 1065 is due 7/15/17 and an extension should be filed by 7/17/17. All my research gives examples of more than two member partnerships/LLCs. Nothing seems to address what happens with the remaining sole LLC member. All information states that the partnership continues but in this case there is no partnership but a SMLLC. Therefore, after the short year 1065 is filed doesn't the remaining LLC member file a Sch C for the period 4/3/17 - 12/31/17? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted July 16, 2017 Report Share Posted July 16, 2017 Partnership is terminated. Remaining partner becomes a sole proprietor. For details see Rev. Rul. 99-6, 1999-1 CB 432, 1/15/1999, IRC Sec(s). 708. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.