Hi everyone! this is a new business owner question - I started a business last summer and a few months later I took on a minority business partner (20%) that is also a sales rep. When I filed taxes this year I issued him a 1099 and now his accountant is asking me for a K1. I didn't issue a K1 for myself and just filed it all as pass through income(?) with a deduction for the commissions he was paid. I claimed the buy-in he paid me as income as well.
How do I remedy this? Can I file an amendment to issue both of us K1s and cancel his 1099?
