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Dissolution of partnership

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  • Dissolution of partnership

    South Carolina, I have a small business which really makes no money with a partner. We have both agreed to dissolve the partnership and I will continue as a sole proprietor, with my partner as my salesman. I am already in the process of paying him for his half of the business, We agreed this 6 months ago, my question is now that it is tax time, should I have filed any kind of dissolution forms to the IRS, or any other kind of forms. At the time we agreed, we are both friends and I thought we would just do our separate thing, but now people are telling me I have to officially dissolve this, can anyone help me.Thanks, Roy

  • #2
    Re: Dissolution of partnership

    If your partnership had any state filing you need to file to dissolve.

    If it was just you two as partners informally, you normally need not file.

    make sure your tax preparer reviews this with you as well.


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