Question

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

Forum|Forum|7 years ago
June 5, 2019
4 replies
0 views

Im concerned because she is not selling it to us, we will still operate the same way we just want me listed as owner. The change was in Aug so now I need to close out her side and open mine I think,

I

Irene2805

How is the family business organized? sole proprietorship, partnership, S-Corp, or Corp?

J

jaymejeepAuthor

sole pro llc

J

jaymejeepAuthor

Im talking tax wise, what do I have to do.

I

Irene2805

You should get legal advice about changing the ownership of the family business, particularly since it is a sole proprietorship.

A sole proprietorship is tied to its owner. Legally they are the same. There are no registration requirements to transfer the business; however, some legal aspects of the transfer deserve consideration.

For a discussion of this topic, please see the following article:

How to Transfer Ownership of a Sole Proprietorship

R

re2boys

Employee

And since it is a state registered limited liability company, your state may have legal paperwork to process. Up to dissolving the existing LLC and creation of another. While a single owner LLC is a disregarded entity for federal purposes, it likely is not to the state.