Posted by John K Haslach, CPA, MST on April 19, 2004 at 18:26:26:
Are you doing this because you believe you will be able to deduct the losses as SMLLC?
LLC Questions - Posted by Harry
Posted by Harry on April 11, 2004 at 10:00:23:
I set up my rentals as 2 member LLC’s (wife & I). I ended up on my taxes with a lot of passive losses that I couldn’t use. I am considering changing to single member LLC with one of us as only member. I have some questions
1.Can I easily change from multiple member to single member with a bill of sale, amend articles of organization, and amend operating agreement?
2.Would I be able to make change retroactive back to Jan 04, or would I have to split return between single /multiple?
3.Would I need to get rid of the EIN#'s or could I keep them?
4.I have been told that a “single member” LLC’s can be made up of husband& wife, but cannot find any documentation.
Any suggestions?
Thanks