Does a newly formed LLC that did not generate income in 2020 and had minimal expenses need to file a return?

posted

Connect with an expert

2 Replies

Does a newly formed LLC that did not generate income in 2020 and had minimal expenses need to file a return?

If this is a single member LLC that did NOT incorporate and had no income then you do not need to file a Sch C to report the expenses.

Does a newly formed LLC that did not generate income in 2020 and had minimal expenses need to file a return?

as a single-member LLC, those exepnses would not be deductible in future years

Still have questions?