He's decided not to pursue the business any further at this point, so it won't be earning any income in the foreseeable future. We'll report a loss because he also paid a contractor to do some work for the business, correct?
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If there was no income but expenses, then a loss would be reported on a Schedule C. You can expense the legal fees that were spent to set up the LLC. It would go under legal and professional fees.
If there was no income but expenses, then a loss would be reported on a Schedule C. You can expense the legal fees that were spent to set up the LLC. It would go under legal and professional fees.
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