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Level 2
April 21, 2022
Solved

Terminate Multi-Member LLC - can both initial return and final return be checked at the same time?

  • April 21, 2022
  • 1 reply
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Scenario:

 

Multi-member LLC formed in Oregon in 2018 with EIN but not open for business.

 

Looking to dissolve LLC, would I need to file form 1065 at all? If so, would I check both the initial return and the final return at the same time? Or, just the final return box?

 

Thank you.

Best answer by Anonymous_

If that is the extent of the expenses (and there is no income), then read the following line from the link I posted:

 

.......neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes.

 

Thus, if you have no intention of deducting the expenses incurred, you do not need to file a return.

1 reply

Level 15
April 21, 2022

Did the LLC incur any expenses or receive any income? If not, a return is not required.


See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e555

SS_22Author
Level 2
April 21, 2022

Yes there were the expenses in terms of maintaining the state annual filling/register agent fees.

Level 15
April 21, 2022

If that is the extent of the expenses (and there is no income), then read the following line from the link I posted:

 

.......neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes.

 

Thus, if you have no intention of deducting the expenses incurred, you do not need to file a return.