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Partnerships

woodchelle
Level 2

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?

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3 Comments 3
abctax55
Level 15

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.

"Tax software is no substitute for a professional tax preparer"
IRonMaN
Level 15

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

Except a partnership 😉


Slava Ukraini!
abctax55
Level 15

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

"Tax software is no substitute for a professional tax preparer"