The Mechanics of the LLC Membership Changes
As your LLC clients’ businesses change, make sure you’re able to advise them through this transition. In this webinar, we will walk through the process of changing an LLC from a single- to multiple- member LLC and back. You will also learn the tax consequences of these changes.
LLC clients have the option of admitting or removing a member of their LLC. While Revenue Ruling 99-6 provides steps for changing the mechanics of an LLC, the process is not simple. In this webinar, you’ll be provided with a scenario where a single member LLC admits a partner, learn the tax consequences of reducing a multiple member LLC to a single member LLC and learn how to increase a single member LLC to a multimember LLC. If you have LLC clients, this is a key webinar for you!
Upon completion of this course, you will be able to:
- List the steps for properly transitioning from a single member LLC to a multi-member LLC.
- Identify the tax consequences for the LLC and LLC members of changing from a single member LLC to a multi-member LLC.
- Identify reporting requirements of the multi-member LLC.
- List the steps for properly transitioning from a multi-member LLC to a single member LLC.
- Identify the tax consequences for the LLC and LLC members.
- Identify reporting requirements of the single member LLC.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Laura Strombom, EA, MBA NTPI Fellow