I live in Pennsylvania, and I own a sole prop business.
I am now joining forces with a partner, so I am going to convert my sole prop into an LLC with two members. I am told that this is essentailly a partnership from the IRS' perspective.
My question is - how do I notify the IRS that I am changing my Sole Prop into an LLC? Is there a specific procedure I must follow? I am essentially "closing" the sole prop and I will not be submitting any more Schedule C forms with my taxes.
Thank you for your help!
Anthony
I am now joining forces with a partner, so I am going to convert my sole prop into an LLC with two members. I am told that this is essentailly a partnership from the IRS' perspective.
My question is - how do I notify the IRS that I am changing my Sole Prop into an LLC? Is there a specific procedure I must follow? I am essentially "closing" the sole prop and I will not be submitting any more Schedule C forms with my taxes.
Thank you for your help!
Anthony