Mid-year dissolution of LLC

[daleanth]

I dissolved my LLC mid-year and now operate the business as a Schedule C sole proprietorship.  I have indicated in TurboTax that this is the final return for the LLC.  The program is saying I need to dispose of the LLC assets. Inventory is the only asset but does not show in the Asset list under Disposal.  How do I properly indicate that the inventory has been sold, at cost, to myself as an individual?

[Rick19744]

Need some additional information:

• Is your balance sheet showing zero at the end of the year?
• You indicate that "You" dissolved "MY" LLC.  
  • Was this a multi-member LLC being taxed as a partnership, or
  • Was this a multi-member LLC taxed as an S corporation
• How many members were there?

[daleanth]

Thanks for the quick reply, CHAMP!  

This was a multi-member LLC - a partnership between my wife and myself, taxed as a partnership. So technically "we" dissovled the LLC. 

At the end of 2019 balance sheet assets were just inventory on hand and cash in a couple of accounts. Unfortunately, I have not produced a balance sheet for the end of 2020 at this time. 

Any further guidance is most appreciated.  

[daleanth]

Sorry, I mean Rick, not CHAMP.