Filing for LLC but NO revenues????

[bigluck]

I started a business late last year and subsequently got ill. As a result, the LLC, brought in 0 revenues until the new year.

I had expenses, overhead, marketing in the inital setup, but no revenues. How would I file?

[ThunderCow]

LLC income "flows through" the LLC entity onto your personal taxes.

So, you have a Schedule C (profit or loss from business) for this business and you identify the line of work you were in. You have expenses, but no revenues, so you have a business loss that carries from the Schedule C onto your Form 1040. If you have other income in that year, it will be offset by the losses you have in the LLC.

I wrote "The LLC Operations Manual" on Entrepreneur Press...

[bigluck]

That was helpful. I appreciate it.

[uns007]

The LLC is a "flow-through" entity that files the same Federal income tax forms. The LLC also allows for the use of the "special allocations" we discussed in the section on partnerships. Like a standard partnership, in most states, you do need two individuals to set up an LLC though all states now allow the "single-person" LLC.

[protaxcare]

????? can u elaborate further???

[SharonLachesis]

hi how are you?,

If you had losses in prior years, it may be worth filing past returns. The losses would then be carried forward and potentially offset future gains. Also, the IRS allows for single member LLC's, the income and expenses get reported on the schedule C.