Question

I purchased an LLC that I never did anything with. There is no income. Do I need to file anything with it?

Forum|Forum|4 years ago
February 13, 2022
1 reply
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Unfortunately, I'm asking this question after I've filed this year. I've received delinquency notices, but I never started the business - there is no income.

TurboTax Deluxe Online

AliciaP1

It depends on if you mean you purchased an LLC by paying to register it with your state or if you purchased the LLC from another owner.

If you mean you purchased the LLC by registering it with the state but never operated a business using the name and never earned any income with it, you can terminate the business with the state and do not need to file $0 returns.

If you mean you purchased an LLC from another owner but never earned any income, you do need to file a final return conforming with the same type of filing that had been done for the business in the past.

For example, if it was previously filed as an S-Corp then you would file a final S-Corp return for 2021.

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