1065, 1 partner left

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  • Gretel
    Senior Member
    • Jun 2005
    • 4008
    #1

    1065, 1 partner left

    I think this is an easy answer for someone familiar with 1065 returns and haven't done any research yet. If it is not easy, just tell me and will do my homework.

    3 equal members (LLC), A, B, C, only A has contributed capital and is personally liable for debt. B just disappears, no capital, no part of liabilities, no distributions. He contributed his know how.

    All I need to do is to prorate his income/loss by the days he was a member, right? No other issues to deal with?
    Tags: None
    • BOB W
      Senior Member
      • Jun 2005
      • 4061
      #2
      Originally posted by Gretel
      I think this is an easy answer for someone familiar with 1065 returns and haven't done any research yet. If it is not easy, just tell me and will do my homework.

      3 equal members (LLC), A, B, C, only A has contributed capital and is personally liable for debt. B just disappears, no capital, no part of liabilities, no distributions. He contributed his know how.

      All I need to do is to prorate his income/loss by the days he was a member, right? No other issues to deal with?

      Do you mean 2 partners left? ADDED... HA HA
      Last edited by BOB W; 03-25-2009, 04:56 PM.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        • Gretel
          Senior Member
          • Jun 2005
          • 4008
          #3
          Took me awhile to get your joke, Bob. Good one.

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Sorry for the corny ploy. At first I read the title to mean only 1 prt left to run the business. After reading, the second time, I realized what you were saying.............
              Last edited by BOB W; 03-25-2009, 07:16 PM.
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

                Comment

                • Koss
                  Senior Member
                  • Jul 2005
                  • 2256
                  #5
                  Word Games

                  When I first read the title of the post, I also thought that only one partner was left after the others all disappeared... LOL

                  And it occurred to me that if that was the case, and the partnership was summoned to meet with an IRS agent for an office audit, that the one remaining partner would probably be so worried he would be beside himself...

                  BMK
                  Burton M. Koss
                  koss@usakoss.net

                  ____________________________________
                  The map is not the territory...
                  and the instruction book is not the process.

                    Comment

                    • Davc
                      Senior Member
                      • Dec 2006
                      • 1088
                      #6
                      We need a "Groaner of the Month" award on this board.

                        Comment

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