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userbrent
Level 2
September 13, 2022
Question

If a parent LLC that files a 1065 owns a subsidiary LLC, does the subsidiary file a 1065 and issue a K1 to the parent LLC? If not, how should it work?

  • September 13, 2022
  • 1 reply
  • 26 views
The parent LLC has two individual members.  The subsidiary LLC only has the parent LLC as a member.  I am not sure how to enter this in Proconnect.
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1 reply

George4Tacks
George4Tacks
Level 15
September 15, 2022

Include the income & expense of the subsidiary in the return of the parent. SMLLC is a disregarded entity and can therefore just be reported in the parent. 

I would attach a  note to the return that all income & expense of xxxxx with ein YYYY is included in this return. 

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