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Single member LLC which did not have income
I created a single member LLC in 2019. The LLC did not conduct any business and did not have any income or loss.
I am using TurboTax Premier. How do I handle this situation in TurboTax?
Do I need to file any specific schedule?
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Business & farm
as long as the LLC did not elect to be taxed as an S-Corp, since no activity was conducted no form has to be filed in 2019. you didn't specify what the activity is but for future years, again assuming no S-Corp. schedule E would b used to report rental activities and schedule C for most other activities.
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Business & farm
Thanks for your response. The LLC did not elect to be taxed as an S-Corp. The purpose of the business was Other. The principal product/services was Investing.
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Business & farm
There is no need to file anything for Federal, but some States (such as California or Texas) have requirements for filing something for the State for the LLC.