What happens when a disregarded entity LLC adds a member and becomes a partnership?
I currently own a single-member US LLC that is treated as a disregarded entity. I am planning to bring in a business partner and add them as a member of the LLC. I understand this will change the tax classification from a disregarded entity to a partnership. What are the tax implications of this conversion? Do I need to file any forms or obtain a new EIN?
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