9

I live in NY and created my LLC in November 2017. I didn't have any revenue for the two months of activity. Am I required to file taxes for 2017 on that LLC?

I can't imagine that they would want to process something that made $0.

I am the sole-proprietor of the LLC, no additional members and not treated as corporation.

Improve this question
6
  • 7
    You may not have made anything. But how do they know that if you don't file? They might not particularly want to process a null return but they have to process it to know it is a null return.
    – Steve Smith
    Apr 3, 2018 at 12:44
  • 1
    Did you file Form 8832 and elect to be taxed as a corporation? Are you the only member of your LLC?
    – Hart CO
    Apr 3, 2018 at 15:07
  • 1
    See the full answer below. The LLC May never file a return.
    – JTP - Apologise to Monica ♦
    Apr 3, 2018 at 16:12
  • 2
    "I can't imagine that they would want to process something that made $0." - I think you have too much faith in the logic of bureaucratic agencies.
    – reirab
    Apr 3, 2018 at 18:27
  • If you’re running an LLC you need to acquire 2 absolutely critical services. A lawyer and an accountant. Get them on retainer so you can ask professionals these questions when they arise. Accountants make a living off knowing these things inside and out for the location they work in.
    – RubberDuck
    Apr 3, 2018 at 21:56

2 Answers 2

Reset to default
14

LLC doesn't really mean anything to the IRS. Your business filing requirements depend on how your LLC is treated for tax purposes. If you have a single-member LLC, then it's not considered a separate business entity by the IRS, you'd file a Schedule C like any sole-proprietor, and you only have a Schedule C filing obligation if your income is over $400 for the year (total from all businesses if you have multiple sole-proprietorships).

If you have partners in your LLC, then it's treated by the IRS like any other partnership, you only have to file a 1065 if you had any income or expenses for the year.

The caveat to both of the above is if you elected to have your LLC treated as a corporation then you must file a tax return for the corporation.

Here's a handy article from LegalZoom:
Do I Need to File a Tax Return for an LLC With No Activity?
And this person asked a nearly identical question to yours over on the TurboTax foruum:
I started a LLC in 2016 that did not generate any income nor expenses. The LLC is still active is this something I need to add on my taxes?

Edit: It occurred to me that NY may have its own requirement for filing. With no income to show, you do not have to file Form IT-204-LL (LLC Filing Fee), so that saves you $25 (much higher annual fee if you elect to be treated as a corporation in the future, make sure to weigh that into your decision). I didn't see anything that suggested you'd have to file anything for your LLC in NY without income/losses.

Improve this answer
1

Yes. Even though you made no money you still have to file and say that you made no money. I ran into this and never filed and I got hit with a $4000+ fine. I was able to get out of the fine but still had to pay $160 for filing late. I am from Ohio and im not sure if the rules are different but better be safe than sorry.

Improve this answer

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .