Do I need to file a federal tax return for LLC partnership?
Me and my brother founed an LLC and If i’m not mistaken a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation.
Our company started operating only in september 2017 and we had only expenses and ALMOST no profit (literally less then 10$).So my question is, do we have to file a federal tax return for last year, even if we basically had no profit (as I said, only one transaction for less then 10$). I mean, that’s a lot of paper work for such little activity. I hope not, but if so, which form do we need to file? is it 1065 with K1?
Hi Miha, congrats on your new business! You are absolutely correct that your business is considered a partnership since you did not elect to be treated as a Corporation. While I’m not a tax expert, I’m pretty sure that you need to file a federal tax return for the partnership. Form 1065 and Schedule K-1 are the correct forms. However, I recommend that you contact a tax professional just to be sure that you are required to file.
If you plan to complete the return yourself, check out the link below which is a guide to completing Form 1065: https://fitsmallbusiness.com/form-1065-us-return-of-partnership-income/
Best wishes for a prosperous 2018,
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