My business started 2018 with 3 individual partners, one partner stepped down in May 2018 leaving 2 partners until the end of the year. In a recent consultation with a CA, I was told that we could file two separate T2125's for each portion of the year. I am wondering if we should write the dates indicating each portion (Jan-May, May-Dec) in the name of the business (ie. *Name* (Jan1-May9)) or if I should enter a different Fiscal Period for each T2125?
You are reporting this correctly by completing two separate T2125s. And for easier reference entering those dates in the name would be helpful. You should also make sure you say "Yes" to Was this the Final Year of the Business?, for the first part of the year when you had three partners.