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Partnerships

Level 1

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?

0 Cheers
3 Replies 3
Level 15

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..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
Level 15

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

Except a partnership 😉

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15

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

Former Chump..umm... AllStar.
"the game of life is hard to play"

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