topic My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it? in Business & farm

My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

21smithll — Tue, 10 Feb 2026 10:04:27 GMT

we live in the state of PA and each own 50% of the company.

Re: My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

Carl — Sun, 14 Jan 2024 20:28:18 GMT

I assume this is a multi-member LLC that did not elect to be treated as an S-Corp or C-Corp for tax purposes. If that assumption is correct, were you officially "open for business" on or before Dec 31 of the tax year 2023?

Re: My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

21smithll — Sun, 14 Jan 2024 21:52:33 GMT

No, it’s an online store and the only “business” we did so far we me testing the transaction system.

Re: My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

Carl — Mon, 15 Jan 2024 01:27:57 GMT

Then you have nothing to report on your 2023 tax return. Also, my screen shows you are using the free version of TTX online. Note that for your multi-member LLC you have to use TurboTax Business to complete and file the 1065 Partnership/multimember LLC return. But you won't have to deal with that until you file your 2024 tax return next year; assuming you are actually open for business at some time in 2024.

Re: My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

ee-ea — Mon, 15 Jan 2024 01:52:28 GMT

You might have a state fee to pay.

https://www.llcuniversity.com/llc-annual-fees-by-state/