Does a C Corp with no revenue or expenses need to file (still in fundraising mode for the startup)?

[PatriciaV]

Yes, if you have been assigned an Employer Identification Number (EIN) by the IRS, you are required to file a tax return, even if you have no activity. If you fail to file, the IRS will send you a reminder.

If you have no EIN, you may delay filing a tax return until 1) you have an EIN or 2) you have activity to report.

[Bleyjohn]

Is there a penalty for filing a Form 1120 late with no revenues and no expenses.