As a gift the funds will not be taxed. If you receive a K-1 post again if you need help excluding it from income.
It would be a 1099-K, not a K-1.
Free will gifts, for any reason, are not taxable income. However, they are not tax deductible expenses for the giver, either as charity or as medical expenses, and you can get it trouble if you promised people a tax deduction or gave receipts indicating the gift was tax-deductible.
If you promised to do something in return for money (such as provide a product or service), then you may be considered self-employed and the income may be taxable and you would be required to report it as a self-employed business.
We would need more details of the situation if you were providing products or services.