LLC Change

Posted by bulldogspin on March 22, 2008, 7:35 pm

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A business has filed and changed with IRS from a single member LLC to
nine member LLC in 2007 but did not change with State (California)
until 2008.

Please confirm - for Federal tax filing for 2007, I understand that
Form 1065 with nine K-1s will be filed but for California will only
one K-1 be filed because it was not changed in 2007? But then Federal
and State will not be the same.

As for Federal EIN number on the State (California) Form, should the
new Federal EIN number or the old one be reported?

Thanks in advance.

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Posted by Paul Thomas, CPA on March 24, 2008, 8:27 am

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>A business has filed and changed with IRS from a single member LLC to

> nine member LLC in 2007 but did not change with State (California)

> until 2008.

> Please confirm - for Federal tax filing for 2007, I understand that

> Form 1065 with nine K-1s will be filed but for California will only

> one K-1 be filed because it was not changed in 2007? But then Federal

> and State will not be the same.

> As for Federal EIN number on the State (California) Form, should the

> new Federal EIN number or the old one be reported?

I suspect that California is much like every other state - in that the
Secretary of State (where you form the LLC/Corporation) and the Department
of Revenue (where you file the taxes) don't talk all that much. File the
return the-way-it-happened and get the legal formalities settled in short
order. No one is going to come after you in any serious manner for being
late in reforming the entity, but they will come after you quickly and
seriously when the state and federal returns don't mesh up or report what
actually happened.

--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>