GeorgeM777
Expert Alumni

Business & farm

@mcgalmon   Form 568 is the Return of Income for Limited Liability Companies.  Item G of Form 568, which is on the first page of that form just below the name and address information for the LLC, is where the member/owner of the LLC enters the total assets of the LLC for the year.  In their tax booklet for 2021, the CA Franchise Tax Board, at page 13, states the following with regard to the total assets to enter in Item G:

 

"If the LLC is required to complete this item, enter the total assets at the end of the LLC’s taxable year. This is determined by the accounting method regularly used to maintain the LLC’s books and records. If there are no assets at the end of the taxable year, enter $0." (underline and bolded text added)

 

Thus, based on the above instruction, if your LLC had no assets at the end of the taxable year, you can enter 0.  For your information, below is a link to a TurboTax article which explains CA Form 568 which you might find helpful.  

 

How do I know if I should file CA Form 568

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"