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Sue H12
Level 1
February 2, 2025
Question

2 member LLC start up

  • February 2, 2025
  • 1 reply
  • 9 views

I have a 2 member LLC that started in 2024.  They have no sales, but expenses.  Since they have no sales yet, do I need to file the 1065 and report the expenses?

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
February 2, 2025

No. From IRS. 

"A domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal income tax purposes."

IRonMaN
IRonMaN
Level 15
February 2, 2025

Isn't that a "yes"?  😀

As a side note, it still might be a "no".  Do they really have business expenses or are those expenses paid really startup costs in which case they would be an asset and the entity would have no expenses for the year.

Slava Ukraini!
    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    February 2, 2025

    @IRonMaN 😁 Its early, and the answer might be no if the expenses are really startup cost

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