I started a LLC for my music Production company..however ironically once i made it official...i haven't had any business. I started the corp this year. If i dont have any business..is there a penalty? do i need to pay anything? by the way i am in California...so does anyone know if and how this will affect me?
Should i be worried when it comes to filing taxes..considering i haven't had any business?
2007-12-01 20:00:31 · 2 answers · asked by Anonymous in Business & Finance ➔ Corporations
No, there's no law against not being able to find business. You can keep your company dormant. There should be no tax to be paid because you haven't made any profit. However in the long run you'd want to consider whether you should hang on to the company since there are costs of maintaining one, like renewal fees (if applicable), lodgement fees (even if they're to lodge papers saying you were dormant), etc. If you have a friend who's thinking of starting a company, you could also consider selling it to him.
2007-12-02 14:44:01 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
You should ask your accountant about that.
2007-12-02 05:25:21 · answer #2 · answered by Feeling Mutual 7 · 0⤊ 1⤋