TAXMAN Posted December 2, 2009 Report Share Posted December 2, 2009 Have tp(age 54) and dad(age75) formed a partnership years ago. Dad cannot work anymore and has deceided to turn over business(his share) to son for $1.00. Virtually no assets in busines but a lot of debt that son had previously signed a guaranteer of note. Money was used as operating capital. Any way Son wants to continue as an LLC. First question: Can son keep old employer ID # or does he need to get new one? Second question: Would dad have a capital transaction occur as a result of closing partnership? His capital account is about $3000.00 as they pulled out all money as they went along.Dad is not on any of the loans and dad also filed bankruptcy this year and has been discharged of all debts. What would be a clean way to close this partnership and allow son to keep business going? ANY THOUGHTS ON THE MATTER Many thanks Quote Link to comment Share on other sites More sharing options...
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