PatriciaV
Employee Tax Expert

Business & farm

No, in most cases you do not need to include any information on your return if you are not yet in business, 

Note that a single-member LLC (you are the only owner) is "disregarded" by the IRS, which considers you and the company to be the same entity. In this case, you will report business activity in the future on Schedule C in your personal tax return.

There are two instances where you would file a tax return with no activity:

1) If this is a multi-member LLC that has been assigned an Employer Identification Number (EIN), you are expected to file a separate business return for this company, even if you had no activity. Most LLC's file Form 1065 Partnership Income.

2) If you have elected to be taxed as a corporation (S-Corp), you will need to file Form 1120-S for this entity, even if you have no activity.

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