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Old 01-04-2019, 02:49 PM
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Join Date: Jan 2019
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disregarded entity change

Hello,


I have a disregarded entity that in middle of the year i got a partner, how and what should i file?


should i file as a disregarded entity if yes how do i put my partner? if as a partnership how do change my disregarded entity to a partnership ?



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Old 01-04-2019, 08:17 PM
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I have a disregarded entity that in middle of the year i got a partner, how and what should i file?==>>unless you issue a W2 to the partner as your regular employee you need to file form 1065 for the time when your partner joined the biz I mean you are no longer a disregarded entity so, Since your disregarded entity has elected to be taxed as an MMLLC/a Partnership , the LLC has to file its own Form 1065 tax return for the period between mid of th eyear you got hr psrtner and the end of the year Dec 31 as a MMLLC/Partnership separate from your Sch C of 1040. Part of the MMLLC/Partnerhsip return will be a Sch K-1 with information that you have to enter in your personal return. Also you need to file SCh C of 1040 for period between Jan and befopre the mid year you got the partner. Your MMLLC/ Partnership return should be filed on or before the 15th day of the 3rd month following the date its tax year ended. Regardless of the tax status of the LLC, individual members must report any personal income derived from the business on a Form 1040. The LLC partnership must file a Form 1065 to report LLC income and expenses and net earnings. Individual members must report net earnings on Form 1040 and also must file a Sch SE for self-employment taxesyou?re your disregarded entity you need to file SCh C of 1040 and report your income to your 1040.

ange my disregarded entity to a partnership ?==>>as mentioned above. You need to file both SCh C of 1040 and form 1065 and report the income on your 1040.plz contact a tax pro,i.e., an IRS enrolled agent /a cpa in yoiur local area for more help for your fed/state returns.



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