Change LLC to 2 member (by Vincent [CO]) Oct 26, 2020 4:42 PM
Change LLC to 2 member (by NE [PA]) Oct 26, 2020 4:55 PM
Change LLC to 2 member (by Vincent [CO]) Oct 26, 2020 5:15 PM
Change LLC to 2 member (by Ray-N-Pa [PA]) Oct 26, 2020 5:32 PM
Change LLC to 2 member (by FloridaNative [FL]) Oct 27, 2020 8:11 AM
Change LLC to 2 member (by Vincent [CO]) Oct 27, 2020 10:45 AM
Change LLC to 2 member (by Vincent [CO]) Oct 27, 2020 2:22 PM
Change LLC to 2 member (by Vincent [CO]) Oct 27, 2020 2:22 PM
Change LLC to 2 member (by BRAD 20,000 [IN]) Oct 28, 2020 11:59 PM
Change LLC to 2 member (by Vincent [CO]) Oct 29, 2020 7:28 AM
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 26, 2020 4:42 PM Message:
I have a 2 one member LLCs. (A LLC and B LLC) I own 100% of each.
I want to change eaxh to a 2 member LLC.
and file partnership tax returns, no more schedule E.
Should I have my S Corp (real estate broker) own 1% of each LLC? Or...
--172.58.xxx.xxx |
Change LLC to 2 member (by NE [PA]) Posted on: Oct 26, 2020 4:55 PM Message:
Why do this? --70.44.xxx.xx |
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 26, 2020 5:15 PM Message:
To simply my personal tax return. Easier for lenders, also asset protection. --172.58.xxx.xxx |
Change LLC to 2 member (by Ray-N-Pa [PA]) Posted on: Oct 26, 2020 5:32 PM Message:
Why not have the LLC manage the place and place the properties into a a trust --24.101.xxx.xx |
Change LLC to 2 member (by FloridaNative [FL]) Posted on: Oct 27, 2020 8:11 AM Message:
Be careful if you decide to change your single member LLC into an LLC with 2 or more members. As a single member LLC you can sell in a 1031 exchange and purchase in the name of the current LLC OR in your personal name OR in a new LLC name for the new replacement property. If you change to an LLC with more than one member, you can't do that - you have to take the new purchase in the name of the existing 2 or more member LLC of the exchanged property. Naturally check with your CPA and your attorney to verify this info because I am not either a CPA or an attorney :) --99.56.xx.xx |
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 27, 2020 10:45 AM Message:
Thanks FloridaNative. I'll check into this. --24.9.xx.xxx |
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 27, 2020 2:22 PM Message:
Floridanative,
I checked and you are correct.
Thanks! --172.58.xxx.xxx |
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 27, 2020 2:22 PM Message:
Floridanative,
I checked and you are correct.
Thanks! --172.58.xxx.xxx |
Change LLC to 2 member (by BRAD 20,000 [IN]) Posted on: Oct 28, 2020 11:59 PM Message:
Not sure how 2 members helps your asset protection. Maybe it's a state thing.
Worried about preparing 2 K1s? Think bigger.
BRAD --73.102.xxx.xxx |
Change LLC to 2 member (by Vincent [CO]) Posted on: Oct 29, 2020 7:28 AM Message:
Brad, you are correct; Colorado is the only state to pierce llc because it was a 1 member, probably too unlikely for me to concern with it, and only 1 case.
But I heard fanny freddy doesn't count toward 10 limit if other loans are commercial and on the partnership return. --172.58.xx.xx |
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