HI, I have to implement a layered partnership in ProSeries where a taxpayer is the sole member of one partnership and then that partnership is the Managing Partner of another partnership.
At first I didn't think you could create a partnership with one partner but I managed to do it and cannot replicate it.
Is there a specific setup for a Managing Partner?
"At first I didn't think you could create a partnership with one partner but I managed to do it and cannot replicate it."
You need 2 for a partnership, so I dunno how you managed it, but can see why you wouldn't be able to replicate it.
ok, thanks for your help . . . rolls eyes!!
"taxpayer is the sole member of one partnership"
Not a partnership, then. There is no partner to the one person. That means "disregarded entity."
"and then that partnership"
Are you confusing LLC (a State organizational construct) with "partnership?" Right here, you still have "an individual"...
"is the Managing Partner of another partnership"
Is this person, your only person under discussion so far, the only "member/partner" here, as well?
So far, you have reviewed one person.
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