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J
JDJG
April 15, 2022
Question

Am I required to file taxes for a closed LLC that had $0 in sales/profit?

  • April 15, 2022
  • 1 reply
  • 0 views
State: Texas
Business closed since 2020

1 reply

E
ErnieS0
April 15, 2022

It depends on what you mean by closed and how your LLC elected to be taxed — as an S-corporation or partnership.

 

If by closed, you mean you terminated your LLC in 2020 and it no longer exists, then you do not have to file a tax return.

 

If you closed your business but still have an LLC then you would have to file an S-Corp return. Partnerships must file, unless you neither receive income nor incur any expenditures treated as deductions or credits for federal income tax purposes.

 

You will also have to file an annual franchise tax report with Texas.

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