woodchelle
Level 2
‎11-23-2020 10:57 AM

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?

0 Cheers
abctax55
Level 15
‎11-23-2020 11:40 AM

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
Level 15
‎11-23-2020 11:45 AM

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

Except a partnership 😉


Slava Ukraini!
abctax55
Level 15
‎11-23-2020 12:06 PM

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

HumanKind... Be Both