I am in a 50-50 partnership with my brother. The LLC was formed 4 years ago. He has never had any working or hands-on interest in the business and he is willing to bow out and give up his 50% of the business to me. I don't even know where to begin - can I just buy him out for $1.00 and then continue on with the same LLC as a sole owner? and keep my EIN? Or am I facing a much bigger ordeal? Money is not the issue - just procedure. (We are in Illinois).
50/50 Partners in an LLC - one wants out.
- Thread starter Redlamp8
- Start date
I wouldn't eliminate him completely as that takes you from a partnership 1065 return to a schedule c on your personal.
Depending on your state regulations, you may have to completely dissolve the LLC (and EIN), and start over with a new one. You may be able to amend your articles.
Depending on your state regulations, you may have to completely dissolve the LLC (and EIN), and start over with a new one. You may be able to amend your articles.