We closed a husband/wife llc partnership on Dec 31. Jan 1 will go back to Qualified Joint Venture (sole proprietor structure) This is the same business we've had for 20 yrs just different structure. My question is what to do with the assets (tools) that were bought during the llc but will continue to be used in the sole propietorship. We aren't disposing of them so I'm not sure how to report this on the final 1065.
