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Tax question

New York, NY |

Will LLC's single member need to file tax forms for LLC created this year that is idling?

The LLC will be idling (only formed by filling the state documents, nothing else) until next year.

LLC will be disregarded entity.

LLC will not have business account. The business account will be created next year.

Does the LLC needs to get EIN this year or next year?

Attorney Answers 4


If the LLC is a disregarded entity, the one man owner reports its activities on his individual income tax return, Schedule C. You may or may not need an EIN. You do not give enough facts. For example, if you have employees and payroll is involved you must have an EIN. Speak directly with a tax attorney or good tax accountant for additional and specific guidance.

Hope this helps.

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This is a legal business forum. You are for the most part asking an accounting question.

Nevertheless, I'll give it a go. The qualified answer is you need to obtain the TIN and be prepared to file, Speak with your accountant about tax issues. You will also need to file annual registrations with New York State Department of State.

From a legal perspective, you need to keep minutes and an up-to-date operating agreement. Speak with a business lawyer about maintaining proper business records and your mission-critical agreements with your landlord, key suppliers and employees as the business grows. You are a sole member now, but you may eventually need a written agreement with a future business partner., including the amendment of your LLC operating agreement.

I have attached links to the IRS and New York's DOS regarding limited liability company filing requirements you asked about. Good luck with your new venture.

This answer is provided for information purposes only. It should not be relied upon as legal advice which can only be offered to clients in an office consultation setting when all the facts and circumstances can be fully considered and reviewed.

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Hi, thanks for the answer. I specifically wanted to ask about whether a form should be submitted if there is no LLC activity to the end of the year.


Once you file the necessary forms with the Secretary of State's office the entity comes into existence. Whether or not it conducts business or has any activity does not matter from a legal point of view. As a separate legal entity it should have its own EIN. It should file a tax return beginning the year it came into existence. As an LLC all income or loss flows to the member owners thru a K-1 that the LLC issues to each member owner when it files its federal/state tax returns. If there is no activitiy then the K-1 will report $0.00 income/loss. Whether it has a business bank account is not an issue from a tax standpoint.

This response is provided for information purposes only. It is not intended to be legal advice and should not be treated as such. For legal advice concerning this matter please see an attorney to discuss your particular situation.

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Keep in mind that you are still responsible for the state yearly fees and yearly report even if your LLC is idle.

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