USA Changing a DBA to LLC

[BestOfTheBull]

Hi Everyone.

So glad I found this website. Me and my wife have a small real estate business.

LLC now taxed as an S-Corp.
We formed an LLC let’s call it Fictitious LLC.
Then created a DBA under that called Kate’s real estate group.

We now want to use the fictitious business name. So we now need to simply need to create a separate LLC called Kate’s Real Estate Group LLC and transfer the business to that leaving Fictitious LLC to be a seperate business than the real estate group.

My question is about taxes. We have talked to the Secretary of State who said we will need a new EIN number but my question is about the taxes. We obviously filed 2016 taxes as the Fictitious LLC. When we transfer the real estate business to the new LLC do I just report 2017 taxes under the new EIN number. I’m kind of lost as to how to report 2017 taxes for a business that transfers to a new LLC with a new EIN number.

Any help would be appreciated. If I have left out any details I will be happy to add them.

 

[Drmdcpa]

You need a CPA in your pocket. Not doing this correctly could come back to haunt you.

There are too many unknowns and this is not a good medium to have a discussion about the complexities of this.

 

[STBarett]

It sounds like you will have two LLCs, am I understanding that correctly? You would just report income earned by each LLC separately but at the end of the day all that income is going to pass onto your personal tax return. Are you going to elect to have the second LLC taxed as an S corp as well?