We set up the LLC in 2016 as a 50/50 ownership, with the agreement each would contribute $3500 of startup capital. However, my partner soon after experienced a job change that kept him from providing his $3500, so only mine was reflected in our capital account. We did not publicly launch the business in 2017, but continued to pay monthly expenses. We did not make any profit. In Jan 2018 we dissolved the LLC.
How should I fill out Sched Ks for my partner and I, since the only capital was my own? The LLC was formed to split 50/50 profits and losses, but that was with the understanding we both contributed $3500. Since he never did, and all annual expenses were paid out of my capital, how should I fill out final Schedule Ks?
