I wanted to start my own consulting business, but it never happened, so there has been not activity in regards to the company nor the bank account of the LLC I created. I also have not filed any tax forms since the creation of the LLC. Em I in trouble?
2007-10-17 08:23:49 · 2 answers · asked by Luis R 2 in Business & Finance ➔ Taxes ➔ United States
The LLC was created in Texas
2007-10-17 08:47:48 · update #1
An LLC is a disregarded entity for Federal taxes so there's no problem there.
At the State level things may be quite a bit different. Many states require annual returns to be filed and minimum taxes paid regardless of whether the venture turned a profit or not. You'll need to contact your state's department of revenue (or other tax authority) or a local tax expert for the rules for your state.
2007-10-17 08:46:01 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
there are also required meetings and minutes you're supposed to have each year with an LLC
2007-10-17 16:04:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋