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I have an LLC that was taxed as a partnership, with two

members who each owned 50%...
I have an LLC that was taxed as a partnership, with two members who each owned 50%. My partner is leaving the partnership (as of 12/31/17) and I would now like to continue as an LLC with a sole proprietor. We have taken care of dissolving our partnership according to our agreement, changing bank accounts, and splitting capital assets, but I want to make sure I am correctly handling this in regards ***** *****For Federal:
I am filing form 1065 for 2017 as normal but indicating that it's the final return on both the 1065 and both my and my former partner's K1s. I am also selecting the "technical termination" option.
I am also filing form 8832 to request a change in the LLC's classification from a partnership to "A domestic eligible entity with a single owner electing to be disregarded as a separate entity." Next year I will file schedule C as part of my normal personal taxes and will no longer file form 1065.For the State of Indiana:
My name is ***** ***** records as the registered agent—my partner's name is ***** ***** anywhere on our articles of organization or any filings with the state. I have been unable to find anywhere where I am supposed to let them know she is no longer a part of the organization. I also have not been able to find a form like the federal 8832 for the state of Indiana. So I am indicating on our 2017 IT-65 and both our IT-65 Schedule K-1s that it's the final return for both of us. Next year I will include the LLC on my personal state taxes.Does this seem correct?
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Answered in 25 minutes by:
2/5/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,146
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are correct.

There is no form for Indiana that is similar to federal Form 8832.

The Indiana Business Entity Report that is filed annually has no requirement for notification.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,146
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
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