@Curious One see my addendum to my original post.
If you do have tax basis and losses are expected, then this is really no problem. Adding a K-1 later will only provide you with a refund.
If this entity was generating significant income, and you didn't have the K-1 to report, then I would probably suggest filing form 8082 to mitigate any potential penalty.
If the K-1 will reflect losses, then there is no penalty issue.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
