Partnerships

woodchelle · ‎11-23-2020

A partner leaves a 2-member partnership. Can the partnership be considered a single member LLC or sole propriertorship for tax purposes? Can the same EIN be retained?

abctax55 · ‎11-23-2020

Partnership by definition is "more than one"

You have a dissolution of the partnership. AND that final return is due within 2.5 months.... so if it happened earlier this year you may be delinquent.

The new *entity* that exists can be anything it wants to be.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it

If a post answers your question, click on *Accept as solution* for future searches

IRonMaN · ‎11-23-2020

"The new *entity* that exists can be anything it wants to be"

Except a partnership 😉

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

abctax55 · ‎11-23-2020

OK... ya' busted me on that little detail 😉

Former Chump..oops..AllStar...I used to be a people person, then people ruined it

If a post answers your question, click on *Accept as solution* for future searches

Partnerships

©1997-2021 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.