Denne Posted September 9, 2009 Report Share Posted September 9, 2009 This is something for me. I have one Partner in one LLC that bought out the other. This LLC is basically a Rental house and also a Commercial building. They have owned these properties for more than 15 years. The other LLC....same former partners is a Repair business. Also owned for the same period of time. Am I responsible for providing the partner that sold, his part of the business, with cost of properties and business equipment. I have shown the transaction as a Cash Distribution.....that is how I view it.... however the remaining partner did form another LLC for the Rental properties and formed a Corporation for the Repair business. This seems overly simple....makes me think I am missing something Thanks! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted September 9, 2009 Report Share Posted September 9, 2009 Sounds like, if I understood properly, that you have a liquidating distribution situation, for both partners. Both of them should get a copy of the final 1065s. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted September 11, 2009 Report Share Posted September 11, 2009 I don't know the answer to your question, but I am perplexed as to why it was moved from the general chit chat forum to this one? Hopefully if it was done in error it will be moved back so others who do know the answer will be able to respond. Deb! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted September 11, 2009 Report Share Posted September 11, 2009 I don't understand what you mean Deb? It's in the chat forum, and has been all along. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted September 11, 2009 Report Share Posted September 11, 2009 KC, I know what Deb meant. It was showing up in the VMS forum a couple of days ago. Bonnie Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted September 11, 2009 Report Share Posted September 11, 2009 Weird. I did not see that. Glad to know what the deal was. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted September 11, 2009 Report Share Posted September 11, 2009 KC, I know what Deb meant. It was showing up in the VMS forum a couple of days ago. Bonnie KC it showed up under VMS and indicated it had been moved there. I responded simply to draw attention to it in hopes that it could be moved back. It was obvious it didn't belong on that forum. I guess I should have been clearer. Deb! Quote Link to comment Share on other sites More sharing options...
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