hauvic
New Member

I closed my sole proprietorship (schedule c) mid year

I closed my schedule c business mid year and started an LLC with a partner. So where do I indicate on the C that I closed the business and that the C is for a partial year?

Also if I don't contribute all the assets that were in the Sole proprietorship, can I hold them personally at their depreciated basis? Or will there be a tax effect? (I know there would be if I sold them.)