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I am the remaining member of a 50-50 LLC in Colorado: per…

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I am the remaining...

I am the remaining member of a 50-50 LLC in Colorado: per the terms of our operating agreement the other member has withdrawn from our LLC and transferred all of her interest to me. Should I operate the business as a sole member of an LLC or should I register as a sole proprietor and file as an s-corp?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I think this is everything unless the accountant has follow up questions.

Submitted: 7 months ago.Category: Finance
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Answered in 4 minutes by:
12/4/2017
Financial Professional: Lev, Tax Preparer replied 7 months ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,123
Experience: Personal Investment, Tax Preparation
Verified

Yes - unless you specifically elect that LLC to be treated as a corporation - the LLC with ONE member will be treated as disregarded entity - and for tax purposes will be reported a solo proprietor.

There is no special registration for the solo proprietor.

However - you will need to dissolve the partnership and file a final form 1065 and issue final K1 to each partner.

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