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crissycpa
Level 2
June 11, 2021
Question

SMLLC owned by a partnership

  • June 11, 2021
  • 2 replies
  • 14 views

I have a SMLLC that is 100% owned by a multi member LLC.  How do I show that on the Multi member LLC 1065?

 

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2 replies

sjrcpa
sjrcpa
Level 15
June 11, 2021

You combine the SMLLC's income and expenses with those of the multi member LLC and report the totals on the 1065. There is a question to answer on Sch B, too. You will also need to "consolidate" the balance sheets and eliminate intercompany items.

The more I know the more I don’t know.
    C
    crissycpaAuthor
    Level 2
    June 13, 2021

    Thanks.  The schedule B part was what I was missing most.  I've done lots of SMLLC's but they have always been owned by an individual.  

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