Question

change from sole proprietorship LLC to a partnership LLC

Forum|Forum|1 year ago
March 19, 2025
1 reply
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I , an LLC, took on a partner in mid year so we got the schedule K and assorted forms completed by a CPA. Now I need to know what to do with that information and do I just stop doing the schedule C or is there something more I need to do about it?

TurboTax Home & Biz Windows

L

LeticiaF1

If you had income and expenses from the business from the beginning of the year that were separate from the income and expenses you reported in the partnership return, then ‌complete a Schedule C to report those amounts. You will also need to report the Schedule K-1 on your return.