I have an LLC with 2 partners. It's a computer repair business where we get the share of the profit that we worked for. So if I earned $100 and the partner earned $50, our profit share on the K1 has been relavtive to that, not to the ownership percentage.
This year, the other partner has decided to take off and didn't do any work. I would like the K-1 to show 0% profit percentage, and he not now any taxes on his personal taxes, because he didn't make any money.
In TurboTax I've entered that, but have an error check with the following message: Schedule K-1 Worksheet: Initial/Final Profit %: Profit percentage before/after zero should be populated with the percentage that existed immediately before the partner's termination.
What do I do? He is not being removed as a partner right now in the company.
