Technically you got a partnership. so the original K-1 should have been issued to it. then that partnership issues a k-1 to each of you.
If the IRS deems that there is a partnership, the return for 2021 it's late and late filing penalties would be about $400/month for each month late for up to 12 months. it's too late to make the election for 2021 since it must be made with a timely filed return.
A qualifying syndicate, pool, joint venture, or similar organization may elect under section 761(a) not to be treated as a partnership for federal income tax purposes and will not be required to file Form 1065 except for the year of election.
(a)Partnership
For purposes of this subtitle, the term “partnership” includes a syndicate, group, pool, joint venture, .... Under regulations ...all the members .... may exclude the organization from the application of subchapter K, if it is availed of—
(1) for investment purposes only and not for the active conduct of a business,
the election
The partnership return must be filed not later than the time prescribed by paragraph (e) of § 1.6031-1 (including extensions thereof) for filing the partnership return with respect to the first taxable year for which exclusion from subchapter K is desired. Such partnership return shall contain, in lieu of the information required by Form 1065 only the name or other identification and the address of the organization together with information on the return, or in the statement attached to the return, showing the names, addresses, and identification numbers of all the members of the organization; a statement that the organization qualifies under IRC 761(a)(1); a statement that all of the members of the organization elect that it be excluded from all of subchapter K; and a statement indicating where a copy of the agreement under which the organization operates is available (or if the agreement is oral, from whom the provisions of the agreement may be obtained).
