A partnership/multi-member LLC *must* have at least two members. So if all but one members relinquish their membership in any way, that dissolves the partnership entirely. So both of you will receive a "final" K-1 from the partnership.
Exactly how this gets handled more precisely, depends on what the parnership does and what assets (if any) the partnership has. Things that matter here is stuff like inventory, assets, and vehicle use (if any claimed) inside the partnership.
