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No. The tax year of a partnership closes when a partner's entire interest in the partnership is sold or terminated.

The partnership's income, gains, losses, deductions, credits and preferences are computed as if the entities tax year closed on the date of the partner's death. The partner (to his social security number) receives a k-1 that represents the period on the year he was alive. The partner's estate (EIN of the estate) receives a k-1 for the remainder of the year. The estate continues to receive a k-1 until settled at which time the interest in the partnership terminates.

Sporting event tickets are considered an entertainment expenses, if you accompany them. The deduction for a business gift is limited to $25 per person per year. Generally, the amount allowable as a deduction for meals and entertainment expenses is limited to 50% of such expenses.

If you give a business gift in the course of your trade or business, you can deduct the cost subject to special limits and rules.
Generally you cannot deduct more than $25 for business gifts that you give directly or indirectly to any one person during the tax year.
Keep receipts for all gifts you give for business purposes. These receipts will help you to prove your deductions if you are ever audited. Track your business gifts throughout the year so you don't have to go through all of your receipts individually at tax time. You should record who the gift was given to, what that person's relationship is to your business and how much the gift cost.

If you give a business gift in the course of your trade or business, you can deduct the cost subject to special limits and rules.
Generally you cannot deduct more than $25 for business gifts that you give directly or indirectly to any one person during the tax year.
Keep receipts for all gifts you give for business purposes. These receipts will help you to prove your deductions if you are ever audited.
Track your business gifts throughout the year so you don't have to go through all of your receipts individually at tax time. You should record who the gift was given to, what that person's relationship is to your business and how much the gift cost.

A sole proprietorship is one of the four basic types of business entities. It is the easiest kind of organization to create but it also has some of the largest drawbacks. A sole proprietorship is not registered with the state as a corporation or limited liability company. Sole proprietors are generally not shielded from liability when it comes to the company's actions. Unlike LLC's or corporations, there is no "corporate veil" shielding the individuals from the responsibilities of the company. Sole proprietorship are not separable for tax purposes. That means the owner and the business is viewed as the same entity by the government and are taxed as a single entity. Also, sole proprietorship generally has the fewest tax breaks and benefits. Business debts under a sole proprietorship are not separable from the owner's personal debts. That means your personal possessions can be sought by creditors if you default on payments or loans. A sole proprietorship is a one person operation. You can not take on partners or others to run it with you, only employees. With no partners and unlimited liability, it can often be difficult for sole proprietorships to get funding. As the only person in control, owners of sole proprietorships can have unlimited demands placed on their time.

A sole proprietorship is a business opened under the name of one individual or married couple. The sole proprietorship is not a separate entity, and all taxes are filed on a personal tax return. There are many advantages to starting a sole proprietorship. You can start a sole proprietorship with as little as $20 because in most states this is the most you will pay for a business permit. Other more expensive filings are not needed, so you can save the money you would spend on a lawyer on your business. In a sole proprietorship, the owner keeps all the profits. You do not have to share profits with investors as you would with a corporation. As opposed to a corporation, you can use fund from your business for personal use. In business forms where there are partners or investors, you have to get permission to take money out of the company for personal expenditures. The owner is the decision maker in a proprietorship, so you do not have to clear decisions with a board of directors or a partner in a partnership. If your business fails, all losses are your own, and you don't have the headache of paying back business partners. You will also have no lawsuits from angry investors as you would have with a corporation.

No. you may make an election to forego the carryback. You must attach a statement claiming to forego the carryback and file it with the current years tax return by the due date plus extensions.

You can carryback your current years loss 2 years then forward 20 years.
A 3 year carryback is available for a NOL attributable to casualty losses or a presidential declared disaster.
A farming NOL can be carried back 5 years.

If you have a business that generates a big profit over and above what you would consider reasonable compensation for the services that the owners provide, you may be unnecessarily subjecting the profits to self-employment taxes if you are operating as an LLC taxed as a partnership.
If you think your business may fit this description, your LLC may benefit from choosing to be treated as an S corporation under the tax laws.
To have your LLC receive the tax treatment of an S Corp, you must file an election with the IRS using Form 2553. You must file Form 2553 within the first two months and fifteen days of the beginning of the tax year in which the election is to take effect.
There are drawbacks, however, so no decision should be made without discussing your own situation with a qualified professional.