Dissolution/Withdrawal from LLC

[OneTimer]

I am involved in an LLC and am looking to withdraw. I had a few questions regarding this process.

I have found a form on the state website where our LLC was formed to withdraw. I realize this would work for the state level. My question regards the federal level, however.

Do I need to use a similar form?


Also, if I withdraw now, would I still need to account for this LLC on my 2007 tax return (Apr. 15 '08)?

 

[clueless3]

My question regards the federal level, however. Do I need to use a similar form? Also, if I withdraw now, would I still need to account for this LLC on my 2007 tax return (Apr. 15 '08)?

There is no such thing as the "Federal level" for the LLC. The LLC is a State entity, not Federal entity. You file with the State only.

The ONLY Federal level concern is the IRS. Yes, you are responsible for the LLC corporate and your personal income tax for tax year 2007 (file in April 2008).