LLC Return vs Schedule E (Multi member)

[Alexandra Winkler]

Hello BP Community! 

We established a multi-member LLC intending to transfer property ownership. However, due to the dissolution of our business relationship, the property title remained in our individual names. Despite this, we collected rental income and incurred related expenses. There was no formal property management agreement between us as titleholders and the LLC. Should the LLC file a final return with zero income/expenses, and we report the rental activity on our individual Schedule E's?