Should my business file Form 1065(Schedule K-1)?

Asked 8 months ago - Sterling Heights, MI

My business LLC has two partners. The business was started last year and it did not make income. There is not much deductions to be claimed by Partners either. Should my business file Form 1065(Schedule K-1) and send copy of Schedule K-1 to the partners?

Attorney answers (3)

  1. Brook McCray Smith


    Contributor Level 13


    Lawyers agree


    Answered . Yes. If you have not done so already, you can obtain a tax Id number for the LLC using form SS-4 from the IRS Forms and Publications website.

    You haven't identified the other parties involved in this question so I cannot determine whether I may have a... more
  2. Samuel Watson Eastman


    Contributor Level 14


    Lawyers agree

    Best Answer
    chosen by asker

    Answered . Yes. Since you have more than one member in your LLC, it will need to file a Form 1065, even if its a "zero return" with no income to report. Note that if there were only one member, it would be treated as a "disregarded entity," and not need to file a 1065 (instead reporting on the owner's schedule C of their 1040), however, this is not the case, so yes, you must file a Form 1065 for the LLC.

    This advice is for INFORMATIONAL PURPOSES only and should not be relied upon as legal advice. No attorney-client... more
  3. Ronald J Cappuccio


    Contributor Level 16

    Answered . Yes, you are required to file a 1065. This will avoid a penalty and will start the statute of limitations on audit and collection.

    Good luck.

    Ron Cappuccio

    If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary... more

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