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LLC (Sole Proprietorship) formed 2006, no business transpired

Last year I formed a LLC and got a EIN. It is, for tax purposes, a sole proprietorship. No business occurred in

2006. Well, I started a bank account, but I haven't made/spent any money or claimed any deductions. Do I need to list the business anywhere on my taxes? I've read the irs faq
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it doesn't seem to address my question. So, do I needto list the business name/EIN/ acct. info anywhere on mytaxes, and do I need to fill out a 1040C or 1040CEZ? Thanks!

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Reply to
gg.5.fissionhead
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No. Since you haven't started to carry on any business activity, you don't have a trade or business yet, so you have nothing to report on your tax return. If you opened the bank account in the LLC's name using the LLC's EIN, you should have received a Form 1099 if the account earned any interest from that account. In that case, the interest income would be reported on Sch. A, with a notation that the interest was received by you as the sole member of __________, LLC, a disregarded entity, EIN xx-xxxxxxx.

Reply to
Shyster1040

No, you do not have to list the entity on your tax return; however, you may want to think about your organizational/start up expenses. Kreig Mitchell

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Reply to
Kreig Mitchell

No, you need not file a Sch C if you had no LLC income and no LLC expenses. Even if you had interest income on the bank account, interest income would be reported on Sch B, not Sch C. However, the 3 year statute of limitations does not start running, unless you file a Form 1040 of some kind. But who cares, if you have no income? If you do file a Form 1040 the

3 years start at the later of April 15th or the filing date.
Reply to
shedges

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