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20
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Nick Hulme
  • New to Real Estate
  • Califonia; Utah
27
Votes |
20
Posts

Convert Partnership LLC to Single-Meber LLC

Nick Hulme
  • New to Real Estate
  • Califonia; Utah
Posted

My wife and I bought a duplex in Orem, UT a few weeks ago. Immediately after closing, we registered an LLC so that we could protect our personal assets as landlords. Initially we set it up as a partnership LLC, but after consulting with our CPA we realize that we could have and should have done it as a single-member LLC so that we don't have to file a 1065. Do we need to do anything to change it or can we just file a 1040 next year and claim it as a single-member LLC on our return?

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