I appreciate your response, thanks! The way I read Schedule B question 4, about the partnership satisfying ALL 4 requirements (less than $250k receipts, less than $1mil assets, filing Schedule K on time, and not filing/not required to file Sch M3) I do not meet the 3rd or 4th requirement - not filing on time and the LLC is filing. Based on that information, I believe the Schedule L (balance sheet) is required. I do have a separate business bank account. The expenses were all services (no equipment or assests). Could you explain further what you mean by "the difference is the partners equity" please?
