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Level 1
March 3, 2020
Question

If a partnership is sole member of two single member LLCs, how are these reported on the partnership's return?

  • March 3, 2020
  • 1 reply
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Do you set up the two single member LLCs as separate accounts and then combine them onto the owner partnership's return, kind of like a consolidated return? Or can you set up two subsidiaries within a single client, in this case, the owner partnership?
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1 reply

George4Tacks
Level 15
March 4, 2020

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies

If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.

 

Answers are easy. Questions are hard!
Level 3
March 15, 2021

Hi there,

 

Can you please assist.  I have a single member LLC that is owned by another multi-member LLC, how and where do I efile the CA tax return?

Thank you.

George4Tacks
Level 15
March 15, 2021

@nethespiritu  You should likely contact a California tax professional. https://www.ftb.ca.gov/file/business/types/limited-liability-company/index.html gives some information, but this may not really be something to try on your, especially with one owned by another. 

Answers are easy. Questions are hard!