How to complete closure of llc parternship

[tracilbuckley]

I have an llc partnership. It closed it this year and made no money from it. On the turbo tax it asks the following and do not know what infomration to enter: 1. Describe the partnership - I don't know if it should be "this partnership ended in 2024" or non of the above. 2. If I mark this partnership ended then it wants me to "Describe Partnership Disposal" which there are options - no entry, complete disposition, disposition was not via sale. It was not sold I just closed it and didn't make any money. 3. If I mark disposition was not via sale it asks for a purchase date and sale date but I did not sell it. There is no clear path on the options to pick if the business had no income/revenue, and was just closed.

[DavidD66]

Based on what you stated, you don't have to file a tax return (Form 1065) for your LLC taxed as a partnership. According to the IRS:

With some exceptions for foreign partnerships and Qualified Derivative Dealers ..."every domestic partnership must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes."

"Entities formed as LLCs that are classified as partnerships for federal income tax purposes have the same filing requirements as domestic partnerships."  

Be sure to dissolve your LLC with your state's Secretary of State or other applicable agency.

This is different than the rules that apply to corporations, including S-Corps and LLC's taxed as S-Corps and C-Corps.