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Partnership LLC - no income, but operated throughout 2024 and incurred expenses

Ontie — Mon, 17 Feb 2025 18:03:27 GMT

Hello,

I am part of a 2 member partnership LLC with a registered EIN. Our partnership LLC is a podcast and we released episodes and trailers weekly from February 2024 through December 31, 2024. The expenses we incurred were minimal at around $1300.00 with purchase of assets around $900. We received zero income throughout all of 2024. We are continuing the business in 2025 by releasing new episodes and trailers weekly. At this time, we still have no revenue stream for our podcast.

Do we need to complete the IRS 1065 form and prepare K1 forms for each member (again, there are only 2 of us?) We filed our annual report to the state of Colorado at the end of December 2024 and paid the nominal fee to CO SOS - is there anything else we need to submit to the state of Colorado during the 2024?

Thank you, Ontie

Re: Partnership LLC - no income, but operated throughout 2024 and incurred expenses

Ontie — Mon, 17 Feb 2025 18:06:25 GMT

Slight clarification on the closing paragraph questions...

Do we need to complete the 2024 IRS 1065 form and prepare K1 forms for each member (again, there are only 2 of us?) We filed our annual report to the state of Colorado at the end of December 2024 and paid the nominal fee to CO SOS - is there anything else we need to submit to the state of Colorado during the 2024 tax season?

Re: Partnership LLC - no income, but operated throughout 2024 and incurred expenses

MaryK4 — Mon, 17 Feb 2025 18:28:12 GMT

Yes, you would be required to file the partnership return to the IRS and Colorado to report the expenses. The K-1s will report your share of the deductions which does become important in future years for basis and other reporting. Generally. the only time you do not have to file is if you have no expenses or income.