Yes.
If the business had a different EIN, you would need to create 2 schedule C's and allocate your income and expenses between the two ID's.
Start with the one that was in existence at the beginning of the year.
-
Edit the business profile as outline above but instead of modifying the business name
- Click Edit across from Disposed of Business in Current Year
- Check that the business was sold or disposed in 2017 and say no it was not disposed of in one of the listed ways.
-
Enter income and expenses for the period of time this business name was used.
Second make the entries to start a new business with the new name
At the first screen after clicking edit across from Business Income and Expenses
Click Add Another Business
- Add the business under the new name
-
At 'Tell us about your business'
- Check I started the business in 2017
-
Enter business assets using the remaining basis amount from the first business
-
Enter income and expenses for the period of time the second business was in existence.
