LLC partner left the business in 2020

[shantygail20]

I was a50% owner in an LLC partnership for 5 years we always did a 1065 Schedule K-1 for the small business. 

The other partner decided to leave last April so I am now 100% of the LLC. Do I need to do a schedule K for the first 3 months with both of us and then another for the rest of the year with just my info as the sole owner? How do I do this?

[Anonymous_]

---

@shantygail20 wrote:

How do I do this?

---

Start by reading the best answer in the thread below.

https://ttlc.intuit.com/community/business-taxes/discussion/re-purchased-partner-s-50-ownership-of-a...

[Irene2805]

When your partner left, the partnership no longer existed.  If the LLC was on a calendar year, you would need to file a 1065 return for a short year (January to the date of dissolution--let's say April 30).  The final K-1 from the partnership will be included in your personal return.

From May 1 on you are considered a sole proprietor.  You would report the income and expenses of the business on Schedule C on your 1040 return. 

[Opus 17]

You also need to get a new EIN for the business. 

https://www.irs.gov/newsroom/closing-a-partnership