Passthrough LLC: Do I have to file Schedule K-1 for a partner that gets 0% of profit?

It's an interesting theoretical question,

A few issues,

1. Are you quite sure you have "elected to be taxed as a partnership"? If not, forget it

2. In the US I'm not actually sure you can have an LLC where "someone gets nothing". It has to be a passthrough entity. You can't actually have (I think) weird arrangements such as "you get nothing but in the case of a sale or entity you get X"

3. Note that it's common in business to have an agreement like "If company X is sold, person P gets { something }" In that case, person P is not an owner, partner, LLC member, or anything else - they are just a person with the agreement mentioned. Really it sounds like the person mentioned is NOT a partner or owner, they're just "this guy" who you have an obligation to if you sell the company in question

4. Just in general terms, sure, you have to send out K-1s even if you have a loss. But again see point 2, I don't think you can even formulate an LLC in the mode described, I'm afraid