we were a partnership firm till may 2024 then we got acquired by a chines company how should i proceed with return

Since your partnership was acquired mid-year, you'll need to file a short year return for the partnership that covers January through May 2024. You'll need to check the "Final Return" box on the 1065 and the "Final K-1" box on the K-1s that are issued to the partners.

How you report the sale depends on the type of sale.

Sale of partnership interest. If you sold your partnership interest directly to the buyer, each partner will calculate and report their own gain/loss on their return.

Sale of assets. If the partnership itself sold the assets to the buyer, then distributed proceeds to the partners, the partnership will report the sale on its final Form 1065. The gain or loss from the sale of the assets will flow through to the partners on the final K-1.