Hello, I am one of two partners for an LLC business that started in mid-February 2023.
We incurred expenses such as salon chairs, hair products, painting, hair styling equipment (e.g., hair dryers and other gadgets), signage for the business, etc., in preparation for opening day.
We also had to obtain a license from the state and pay a fee to set up the LLC
Would these be considered largely operating expenses (e.g., not startup costs which would otherwise be capitalized)? I am guessing the state fees might be organizational costs? The combined cost is about $3,000.
I am not clear on where to put these costs on Form 1065. Any assistance would be appreciated!
