What is the impact to the partnership as a result of Schedule B, line 4? If the partnership has total assets above $250,000, they are required to file Schedules M-1 and M-2. If the partnership says Yes to this question, they are not required to file Schedule L. If the partnership has total receipts less than $250,000, they are not required to file Schedules L, M-1, and M-2. If the partnership has filed all Schedules K-1 with the return and provided them to the partners before the due date, they are not required to file Schedule L