Partnership Changes To Sole Proprietorship
I am a partner in a General Partnership, owning 90% with 10% owned by one other partner. I will be assuming full ownership of the GP and operating it as a Sole Proprietorship next year. I generally do all of my own tax filing and need advise on what is required to make the conversion from filing a 1065 to a SCH C for the business. Is there a simple way to do this? Can I just file the final 1065 for the Partnership showing the existing ownership percentages on the K-1s and then next year start filing my Schedule C for the business? I have already applied and received a new EIN. There is no money or exchange of assets involved in this transfer of ownership. The other partner simply is no longer active and not participating, therefore we are dissolving the GP so that I can go on operating the business as a SP. Any advice on the particulars of the final tax filing would be helpful. Thank you!
Last edited by mxmxxm : 12-16-2009 at 03:17 AM.