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Updated about 6 years ago on . Most recent reply presented by

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Michael Gayer Jr
  • Inspector
  • Mililani, HI
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LLC owning other LLC's - How many Filings?

Michael Gayer Jr
  • Inspector
  • Mililani, HI
Posted

A Tax Question : I have a Wyoming LLC that owns 2 Hawaii LLC's. Wyoming "parent" LLC is an S-Corporation. For Federal Taxes ... Do I just file for the Wyoming LLC?  No need for pass-through Hawaii LLC's?

I am filing Hawaii State Taxes for Hawaii LLC's.

Thank you in advance,

Mike

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Basit Siddiqi
  • Accountant
  • New York, NY
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied

@Michael Gayer Jr

The Wyoming LLC that elected to be taxed as an S-corp is required to file a tax return.
If the Hawaii LLC's are single member LLC's - then they are not required to file a separate tax return and their information gets reported on the S-corp return.

Were these entities formed in 2017? S-corp tax returns were due 3/15

Just as a preface - it is normally not suggested for corps to have buy and hold real estate in them. 
It is normally suggested to create an S-corp for an activity that has ordinary income to limit the self-employment exposure.

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Basit Siddiqi CPA
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