Sole Proprieter converted Business to single member LLC mid-year

Forum|Forum|1 year ago
July 1, 2024
1 reply
0 views

I converted my sole proprietorship to a single member LLC this year, but it wasn't completed until May. When I file taxes for 2024, do I have to file my LLC taxes separately? I was confused reading some of the threads.

Also, do I need to file anything to transfer my financials from the sole proprietorship to the LLC (business debt, assets, etc.)? I've been continuing to track my finances in Quick Books, but don't know if I need to create a new company for the LLC or if I can just keep my finances going.

Mike9241

a single member LLC is a disregarded entity unless you elected to have it taxed as a corporation. If not, you continue to report as if nothing happened - schedule c as prior years.

the only thing that may be different with a single member LLC is that the state may require an annual filing and there may be annual fees but this is separate from income taxes.