Best way to Feed Up Business

Forum|Forum|6 years ago
July 11, 2020
1 reply
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I have a new client that went and opened two businesses.....both LLCs.

One is a single member LLC (CO) that has feeds a partnership (WY).

Trying to figure out the best way to set these up within LaCerte so that it flows properly....

The Single Member LLC is earning all the money and the WY Business is just a pass through.

Thanks in advance.

Lacerte Tax

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Best answer by sjrcpa

SMLLC is owned by an Entity

Entity is owned by two partners

No S Corp election yet.

Thanks

Entity owned by two partners files a 1065 Partnership return. The 1065 includes the activity of the SMLLC that it owns.

T

TaxGuyBill

Level 15

Can you clarify what you mean by "feeds"? Do you mean that the SMLLC is owned by the Partnership?

The SMLLC is "disregarded". So if it is a owned by the Partnership, all income and expenses are reported on the Partnership return. Nothing is done for the SMLLC (at least on the Federal level).