I formed a sole-proprietor LLC in South Carolina this year (April 2010) to sell fire trucks on a commission basis for a national manufacturer. I was told to form the LLC by an accountant but after researching it appears I didn't have to (which is water under the bridge now). I did not sell any apparatus, had no income, quit as their representative, and dissolved the LLC before the end of the year. I had some expenses, but would rather not claim a loss to keep my taxes simple and not red-flag my return. Do I need to file a schedule C with my personal return? Currently I itemize my return on form 1040 and schedule A using TurboTax, but my home interest (my biggest deduction) is about to end. My only income is my pension, I am a retired firefighter (not married).
I was under the assumption all LLC's had to file, but after researching this and other forums I think that was an incorrect assumption? Thanks, LP.
I was under the assumption all LLC's had to file, but after researching this and other forums I think that was an incorrect assumption? Thanks, LP.