qbteachmt
Level 15

Here's why it matters who is listed as the owner on the LLC:

If the S Corp solely owns the LLC, then there is no problem with those prior filings (back to 2018), based on what is stated here. If the person as an individual is listed as the sole owner of the LLC, then the corporation reporting the assets, liabilities, income, depreciation, etc, for that property would be an error on the 1120S, as would the 1040. There would need to be amendments, then. It's only three years.

And I would check the insurance coverage, too.

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