sjrcpa
Level 15

Partnerships do have to file tax returns - 1065 and state.

Do they perchance have  Operating Agreements that say how income/loss will be allocated?

Did the title to the properties really get transferred to the LLCs?

Partnerships with special allocations are not for the feint of heart/inexperienced.

Many states also have annual fees for LLCs.


Ex-AllStar
0 Cheers