I'm filing a partnership return with 2 partners. One is an individual. The other is a Single Member LLC under a trade name and EIN number different than the individual himself. The owner of the single member LLC died in February. But the partnership did not terminate as the estate continues to share in the profits of the partnership business in the name of the single member llc.
I understand the basic concepts with what happens when an individual partner dies - allocating part of the income to the individuals 1040 and the rest to his estate. Therefore one K-1 would go to the SSN of the individual and one K-1 would be issued to the Estate. What happens if the single member llc still remains though and the estate is now the owner and not the deceased individual? Do 2 K-1's get issued to the trade name and EIN and the Individual picks up one K-1 and the Estate picks up the other K-1? The Estate is technically not the "partner" of the partnership therefore I am hesitant to change the name of the partner.
Who get's issued the K-1 and in which name?