- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
One of our client had an LLC partnership. The entity engage in 'used car sales business'. Now they setup a irrevocable trust. This trust now owned this partnership LLC which indirectly engage that business.
How we file our trust and LLC ??
Our understanding that we need to file LLC as 1065 with income & expenditure
Trust will be filed as 1041 without any activity until one of partner can't operate that business
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"Our understanding that we need to file LLC as 1065 with income & expenditure"
"Our understanding" is code here for "I'm not going to tell you who told me this." It sounds like the trust is a grantor trust -- that's still possible, even though they claim it's irrevocable -- and life goes on as usual. The LLC is not a disregarded entity, but the trust is.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks a lot. There is nothing to hide. So what I understood we have to file 1065 as we've been filing earlier. Thank you very much again
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm confused. Nothing shocking here. Is the trust the sole owner of the LLC?
Or is the trust one of the owners of the LLC?
The more I know the more I don’t know.
