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Did I need to file a partnership LLC with no income or expenses?

 
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4 Replies

Did I need to file a partnership LLC with no income or expenses?

Did I need to file a partnership LLC with no income or expenses?

 

You did not have to file if you have a multi-member LLC (by default treated as a partnership for federal income tax purposes) and the LLC had neither income nor expenses. 

 

See https://www.irs.gov/instructions/i1065#en_US_2022_publink11392vd0e555

 

....every domestic partnership must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes

Did I need to file a partnership LLC with no income or expenses?

Most states also have an ongoing mandatory fee – usually paid every 1 or 2 years – which keeps your LLC in compliance and in good standing.

https://www.llcuniversity.com/llc-filing-fees-by-state/

Carl
Level 15

Did I need to file a partnership LLC with no income or expenses?

If the partnership has assets that are being depreciated, then you do have expenses in the form of depreciation. So you'd need to file.

 

Did I need to file a partnership LLC with no income or expenses?

@Carl stated "If the partnership has assets that are being depreciated, then you do have expenses in the form of depreciation. So you'd need to file."

 

That would only be the case if the entity has started business.  Based on the facts, it would appear that the business has not truly begun, hence depreciation would not begin regardless of whether assets have been purchased.

 

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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