Business changed type of organization from a sole proprietorship to an LLC. Does this get entered as a new and separate business from the sole proprietorship version on Schedule C?

Current business is sole proprietorship but just got a LLC EIN and registered the LLC in our new state. Do we enter this as a totally separate business from the sole proprietorship business on Schedule C or just combine them on Schedule C?

 

 

Select this option if you are changing the type of organization you currently operate, such as changing from a sole proprietor to a partnership, changing from a partnership to a corporation, etc.