On Turbo Tax Business how do I suppress the printing of Schedule L on the K1s

Enter Forms Mode, open the Partner Information Worksheet, scroll down to Partner Printing Options and check the "No" box for Schedule L.

You cannot suppress only Schedule L. 

If your business has assets totaling less than $250,000 and gross receipts totaling less than $250,000 for the year, then you can suppress Schedule L & M-1 and can skip completing the balance sheet. 

If either of these exceeds $250,000, then you are required to file Schedules L & M-1 and report the balance sheet.

I believe @neals1 was referring to Item L on the K-1s.