LLC started in Nov 2006, do I have to file taxes now?

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LLC started in Nov 2006, do I have to file taxes now?

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AlaPreneur

posts: 14

May 21, 2007 12:24 AM ET Quote Report Abuse

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I found that on the net.... is that true?

AlaPreneur

posts: 14

May 21, 2007 12:27 AM ET Quote Report Abuse

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Then again, it says foreign corporation or individual.... does that mean foreign individual or just a US individual?

AlaPreneur

posts: 14

May 21, 2007 1:41 AM ET Quote Report Abuse

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If your sole proprietorship business is inactive during the full year, it is not necessary to file a Form 1040, Schedule C (PDF), Profit or Loss from Business, for that year.

found that at irs site.... I guess since my LLC is taxed as a sole prop.. then I don`t

AlaPreneur

posts: 14

May 21, 2007 1:54 AM ET Quote Report Abuse

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right?

VirtualCPA

posts: 16

May 21, 2007 8:51 AM ET Quote Report Abuse

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Correct your LLC is going to be taxed as a sole proprietorship if it is a Single Member LLC - which you have indicated. This is the IRS default classification for Single Member LLC`s - although you could have elected to be taxed as a coroporation. You would have had to have filled out a special election to do that. Your post does not indicate that you elected to change your entity status for tax purposes.

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LLC started in Nov 2006, do I have to file taxes now?

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