We have a client who owns two commercial buildings. "Building A" is owned with 2 shareholders each owning 50% in as an S Corp and "Building B" is owned with 2 partners each owning 50% as an LLC.
With the S Corp owning Building A, the 50% shareholders want to convert the S Corp into two LLCs with each LLC owning 50% of Building A.
With the LLC owning Building B the 50% partners want to create two LLCs with each LLC owning 50% of Building B.
The purpose of the above will be that each partner wants to have the ability to do their own 1031 exchange with their share of the proceeds from the sales of the buildings.
Any advice on steps to accomplish the above would be greatly appreciated. Thank you in advance!!