Jim-from-Ohio
Level 12
Level 12
‎12-16-2019 05:21 PM
  • 1065 LLC, two members.
  • one wants out end of 2019
  • i was going to file 8832 effective for 2020 going to disregarded entity, (schedule c)
  • Does this sound correct?
  • If so do I mark 2019 Form 1065 final return.
0 Cheers
sjrcpa
Level 15
‎12-16-2019 06:37 PM

If a two member LLC loses one member it is automatically a disregarded entity. No need to file/elect anything. 

I mark the 1065 final and attach a statement explaining that Jon Smith XXX-XX-XXXX remaining member will continue the business and it will be reported on his 1040 Sch C, E or F


The more I know the more I don’t know.

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