Husband/Wife LLC in Florida partnership previously filed as 1065 - Would like to file on personal taxes Schedule C next year

[SBD5]

Hello, the husband/wife partnership LLC was created in Florida last year. There was no income, only minor expenses to create the LLC in 2024, which was filed in a 1065. For 2025, there will be very little income as it is still getting organized, but would like to file it as a disregarded entity on personal taxes (in Schedule C). In this case, it most likely need to change the business structure to a single-member LLC. Would a new EIN be needed? And if so, is anything else required be filed to close out the partnership LLC or for the months to-date before the change was made? Also, what are the quarterly requirements of the partnership vs. single-member LLC throughout the year? 

Thanks!

[PatriciaV]

Yes, you will need to file a final tax return for the partnership, even if you had no income. Also, you'll need to file notification with the state declaring the business has ended.

File new documents with the state to form a single-member LLC. Then you can report any activity for that entity on Schedule C of your personal Form 1040 return. You will need a new EIN.

There are no quarterly filing requirements for the IRS other than estimated taxes, if that applies. Otherwise, you would need to file quarterly wage withholding reports if you have employees.

Due to the change in business structure, you might seek assistance from a local attorney or tax professional who would be familiar with your complete business situation.