Thank you so much for the answers Joseph. 1 and 2 make sense but I have a couple of follow-up questions on 3 and 4.
3- What does it mean open for business? For example in 2022, my LLC was formed on December 16th 2022, I did not have any inventory nor my ecommerce site so does that mean I was not "open for business"?
4- I am not sure that I follow the 1099-K Comment below. Given that I had no sales/revenue and I have not used a 3rd party settlement system, that means I shouldn't have one, correct? or am I missing something here?
@JosephS1
