staugust1
New Member

My LLC started as a partnership but is turning to sole prop and will file form 8308 to report the sale. Should I file a ‘final’ form 1065?

I started my business as an LLC Partnership in MI and have been filing form 1065.  My partner is buying me out as of 12/31/2019 midnight.  The payment end of the sale will happen in 2020 but he has full ownership control for all of 2020.  I already submitted the 1065 for 2019 but didn’t indicate that it was a final filing.  Should I amend my 2019 1065 form to indicate that it is the final 1065 for the partnership?  If I shouldn’t file an amended return, do I need to file a ‘final’ 1065 for 1/1/2020 and he would file another return for the remaining 364 days of the year?