If C corp. has no business for last yr., what do I do about Schedule K1- say Yes or No. Nothing at all happened with the company. Will someone please explain?

C corporations do not issue Schedule K-1; S corporations issue Schedule K-1, however.

Regardless, it would be helpful if you will explain precisely what it is you are trying to accomplish, where you are in the program, and which type of return you are preparing.

Corporations must file an income tax return with the IRS regardless of whether or not they had income, expenses, or otherwise did no business during their particular tax year.

it is possible for a C-Corp to invest in a partnership and thereby receive a k-1.   A C-Corp is not a permitted shareholder in an S-Corp.