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woodchelle
Level 2
November 23, 2020

Partnerships

  • November 23, 2020
  • 1 reply
  • 6 views

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?

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    1 reply

    abctax55
    abctax55
    Level 15
    November 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.

    HumanKind... Be Both
      IRonMaN
      IRonMaN
      Level 15
      November 23, 2020

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

      Except a partnership 😉

      Slava Ukraini!
        abctax55
        abctax55
        Level 15
        November 23, 2020

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

        HumanKind... Be Both
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