How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

What do we need to do with a Limited Partnership after we

Customer Question

What do we need to do with a Limited Partnership after we filed the final tax return? We now need to request a new Fiscal year for this Limited Partnership for other purpose.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

If you file the final tax return for the partnership - that means - the partnership is dissolved and doesn't exist anymore...

All assets are distributed to partners.
So - because the partnership is dissolved - you may not request anything for THAT partnership.

But you may form a new partnership and may request a Fiscal year for that NEW Partnership.

Expert:  Lev replied 1 year ago.

I appreciate if take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.

Related Tax Questions