Please pardon me if the question looks a bit stupid.
If the owner of a single member LLC chooses to pass through all the profit / loss to his own individual tax return (i.e. 1040 etc), does he still need to file annual report and pay the LLC related tax (e.g. $250 entity tax + 6.5% profit tax)?
Thanks.
This seems more like a state issue rather than a federal one. Which state are you in? (I mean US state, not emotional state.)
No tax question is stupid.
BUSINESS ENTITY TAX: There is an annual tax of $250 on each domestic or foreign entity (S corporation, limited liability company, including single member limited liability company, limited liability partnership, and limited partnership), where the entity is required to file an annual report with the Connecticut Secretary of the State.
I'm guessing you also need to pay the $10 annual information fee.
But I'm also guessing that you don't need to file CT-1065 because federal 1065 is not required (as stated on that page).
Have something to add? Share your thoughts — no account required.
Ask the community — no account required