Transcription of WHEN A MULTI-MEMBER LLC BECOMES A SINGLE …
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WHEN A MULTI-MEMBER LLC BECOMES A SINGLE …
JOHN CUNNINGHAM S LLC NEWSLETTERFOR TAX AND LEGAL PROFESSIONALSISSUE NO. 34 (AUGUST 2, 2006)WHEN A MULTI-MEMBER LLC BECOMES ASINGLE-MEMBER LLC TAX AND LEGAL RULES YOUR CLIENTSSHOULD KNOW_____EXECUTIVE SUMMARYB ecause of a member s death or otherwise, MULTI-MEMBER LLCs often change to SINGLE -member LLCs. When this change occurs, dangerous legal and tax consequences caneasily result. The present issue of this newsletter addresses the principal legalconsequences of such a change. In so doing, it focuses primarily on changes of two-member LLCs to SINGLE -member LLCs, and it assumes that these two-member LLCshave only individuals as members . However, the legal points below will often applyequally to MULTI-MEMBER LLCs with three or more members , including one or moremembers that are forthcoming issue of the newsletter will consider the tax consequences of such ) Preparing for the change.
john cunningham’s llc newsletter for tax and legal professionals issue no. 34 (august 2, 2006) when a multi-member llc becomes a single-member llc—
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