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2 newly created LLC's in 2010 with multi members.

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    #1

    2 newly created LLC's in 2010 with multi members.

    1. Husband, Spouse and Mother in law for one LLC
    2. Spouse and Mother in law for another LLC.

    Both LLC's obtained EIN's in 2010.

    Each LLC owns residential rental

    I am thinking each LLC files as a Partnership form 1065, correct?

    Neither LLC elected S-Corp taxed.
    Tags: None
    #2
    The default

    form for a MMLLC that did not elect otherwise is a Partnership 1065.
    I do not see any other choice by the rules for these.
    AJ, EA

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      #3
      yep 1065 if no elections were made, but if they wanna make elections you may be able to do that with the first filing??????

      Comment

        #4
        late elections

        You can file an extension and then file for relief for late S corporation elections.

        See TTB page 19-4 for details of relief for late s corp elections.

        Linda, EA

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