I moved my business from one state to another in 2024. I closed the single-member LLC in the original state and opened a new single-member LLC in the new state.
Question 1: Do I file a schedule C for both LLCs?
Question 2: I moved my inventory from the old state to the new state. When I file schedule C for the new single-member LLC, is the starting amount $0 or is it the closing amount from the old LLC? What happens to the record of my inventory from the old LLC?
If it is the same LLC that just changed state registration, you can treat it as the same taxable Schedule C. You will keep the same inventory if it is the same business.
The new LLC has a different EIN from the old LLC, though the business operations are the same.
You can just update the EIN on the Schedule C. Since it is a disregarded entity, either EIN is an alter ego to your SSN, other than for employment taxes if you have them. (The IRS will associate the LLC EIN with your SSN).
Thank you, that makes sense.
Under 'Did you start this business in 2024' in Schedule C, would I would mark it as 'no'?
Correct, since you are essentially continuing the same business under a new EIN, then you did not start it in 2024.