Conversion of an LLC to a Partnership
A limited liability company (LLC) is an entity formed under state statute. An LLC with one owner is a disregarded entity. By adding new members, the LLC becomes a multi-member LLC taxable as a partnership.
Schedule B-1 Disclosure of Partners on IRS Form 1065 Partnership Tax Return
A partnership tax return may require a Schedule B-1 to disclose certain partners in the partnership. This generally is required when a partner owns a certain percentage of the partnership.