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Partner Abandoning The Business

Business Law discussions

Partner Abandoning The Business

Postby Bryne » Thu Sep 22, 2016 4:12 am

s About Taxes)/Partner abandoning the business Advertisement Expert: Randall Klein, MBA, EA - 3/14/2011 What is the process of handling end of year taxes and closing out a business when it was abandoned by one partner(if there were only two partners)
Bryne
 
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Partner Abandoning The Business

Postby Terrin » Thu Sep 22, 2016 4:15 am

Technically a partnership ends when there is only one owner left. So the partnership ended mid-year and the rest of the year you operated as a sole-proprietor(Schedule C).

Alternately, the other partner could be in the company til 12/31 when you wrap things up and give him a final K-1 and close the partnership.
Terrin
 
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Partner Abandoning The Business

Postby Ozi » Fri Sep 30, 2016 12:58 pm

s About Taxes)/Partner abandoning the business Advertisement Expert: Randall Klein, MBA, EA - 3/14/2011 What is the process of handling end of year taxes and closing out a business when it was abandoned by one partner(if there were only two partners)
Ozi
 
Posts: 40
Joined: Wed Jan 29, 2014 5:07 pm


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