Hi, I own two LLCs. My business partner 50/50 and myself want to split off and we agreed for me to take one Business and him the other… Any advice to keep this simple and best for taxes? The lawyers and accountants seem to not have great answers or they are really trying to overcomplicate things. Appreciate and advice. Possibly looking for a template contract that we can work off of and move forward.

  • _aaronallblacks@alien.topBEnglish
    1·
    1 year ago

    Are there any debts owed across both? Split the debts and assets then update your operating agreements with the changes of ownership and get them notarized. At that point here in WA from there you can just go on the website and update the owner list ezpz.

  • taxref@alien.topBEnglish
    1·
    1 year ago

    “The lawyers and accountants…are really trying to overcomplicate things.”

    Accountant here. Dissolving 2 MMLLCs is the same as dissolving 2 partnerships (assuming neither LLC elected to be taxed as a corporation) can be very complicated. There could be (depending on the circumstances) some very negative financial and tax consequences to you and/or your partner. This is not a DIY project.