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How to File - Wholly Owned Subsidiaries of a Partnership

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    How to File - Wholly Owned Subsidiaries of a Partnership

    We have a partnership that is expanding into franchising. They are currently in the process of splitting out their franchising, IP, and operating properties into separate LLCs that are wholly-owned by the original partnership. If I understand correctly, these subsidiaries would be considered disregarded entities of the partnership if no election is made. How will we need to file for tax purposes? Would they be consolidated into one 1065 for the original partnership?
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