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| *Loan,banking and credit>>>income tax |
If my LLC (Partnership) didn't make any money (no income/loss) do we need to file taxes for the company? |
If my LLC (Partnership) didn't make any money (no income/loss) do we need to file taxes for the company? have you filed for this company in past years? and do you plan to file for this company in future years? if the answer is yes, then yes you should file. showing no income/loss creates a history of your company for the tax man. ps - no income/ loss? you didn't have any expenses related to the company. no mileage expenses, no overhead, such as office equipment or the like? no advertising to get your company name out, even your time invested can be expensed and written off as an loss (pay yourself even though your not really paying yourself) If you plan to continue this business, then yes. Even if there was no gain/loss for the year, I'm sure there were expenses and income to cover those expenses. Showing these on a schedule C helps to develop a history. |
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