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Get your taxes done using TurboTax
Yes, you will need to file a final tax return for the partnership, even if you had no income. Also, you'll need to file notification with the state declaring the business has ended.
File new documents with the state to form a single-member LLC. Then you can report any activity for that entity on Schedule C of your personal Form 1040 return. You will need a new EIN.
There are no quarterly filing requirements for the IRS other than estimated taxes, if that applies. Otherwise, you would need to file quarterly wage withholding reports if you have employees.
Due to the change in business structure, you might seek assistance from a local attorney or tax professional who would be familiar with your complete business situation.
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‎April 24, 2025
3:42 PM