My business partner and I created a small business back in 2018. He was a 51% owner and I was a 49% owner. I decided to leave the business in 2020. However, we never did any sort of formal letter saying I was giving up my 49% of the company. Nor did we do any sort of monetary transfer of funds. Also, we decided to participate in the SBA loan and received funds, my name was on this loan. I believe we only received ~$2k.
I want to make a clean break from the company, not sure the steps to do this, and if I should be receiving a Schedule K-1?
Something to note, I did the business taxes in prior years using TurboTax business. I assume they will be doing it in a similar manner however without me involved.
Any help would be great, thanks!
