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Converting Multi-Member LLC to Single-Member LLC

Forum|Forum|4 years ago
March 12, 2022
3 replies
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Hello,

I have a multi-member LLC. I want to turn it into Single-Member LLC.

What legal things should I do?

Best answer by Rick19744

You need to review the tax consequences that are provided in Revenue Ruling 99-6

https://www.novoco.com/sites/default/files/atoms/files/irs-revenue-ruling-99-6.pdf

S

SweetieJean

Employee

Please consult a local attorney. We cannot offer legal advice here.

Rick19744Answer

Employee

You need to review the tax consequences that are provided in Revenue Ruling 99-6

https://www.novoco.com/sites/default/files/atoms/files/irs-revenue-ruling-99-6.pdf

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

Carl11_2

Employee

It's not simple. Especially if your state taxes personal income. Legal help is highly recommended here.

Basically, the MMLLC has to be dissolved, capital investments returned, assets disposed of, among other things. With only three days left to file the 1065 return "on time", I hope you can find someone in your locale that can assist you with this before the March 15 filing deadline for the 1065.