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Experienced Member

We are changing from a standard partnership to an LLC...need HELP

 
4 Comments
QuickBooks Team

Re: We are changing from a standard partnership to an LLC...need HELP

Welcome to the Community, @tnscollins.

 

I'm here to help share some insights about changing your business entity from a standard partnership to an LLC in QuickBooks Online.

 

In changing business entity in QuickBooks Online, you'll need to start a new account that would be set up under your LLC profile. That said to keep your records accurate, you have to create a new company file

 

Meanwhile, you can check out these articles below about business entity in QuickBooks Online for your reference:

If you need assistance with changing your account information for QuickBooks, you may reach out to our Customer Care Team

 

Please let me know if you have any followup questions with this concern. I want to ensure that this gets taken care of for you. Have a great day!

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Re: We are changing from a standard partnership to an LLC...need HELP

@tnscollins 

 

NO

 

Changing a partnership to a an LLC partnership does NOT require new accounting books, or new anything.  It is a name change and that is all

 

this business

and it becomes

this business LLC

Established Community Backer ***

Re: We are changing from a standard partnership to an LLC...need HELP


@Rustler wrote:

@tnscollins 

 

NO

 

Changing a partnership to a an LLC partnership does NOT require new accounting books, or new anything.  It is a name change and that is all

 

this business

and it becomes

this business LLC


 

The point of forming an LLC is liability protection.  

If there is commingling of record-keeping pre and post LLC formation, and if the LLC gets sued, I would be concerned that it would be liable for activity of the partnership before the LLC was formed,  or even the partner's personal assets may still be at risk.  I would ask a lawyer

 

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Re: We are changing from a standard partnership to an LLC...need HELP


@Malcolm Ziman wrote:

The point of forming an LLC is liability protection.  

If there is commingling of record-keeping pre and post LLC formation, and if the LLC gets sued, I would be concerned that it would be liable for activity of the partnership before the LLC was formed,  or even the partner's personal assets may still be at risk.  I would ask a lawyer

 


Where in the world did you get commingling from in the OP question?

 

Why change the import of the subject?