Do I need to file IRS taxes for my new LLC with $0 revenue, and which forms apply?

Even with zero revenue, your LLC likely still needs to file in most cases. Which form depends on how your LLC is taxed: - Single-member, US-owned LLC (disregarded entity): reports on your personal return, usually Schedule C on Form 1040. - Multi-member LLC: typically files Form 1065. - LLC that elected corporate taxation: files Form 1120 (as a C- Corp) or 1120-S (as an S-Corp). - Foreign-owned single-member LLC: commonly must file Form 5472 + a pro forma Form 1120, even with no income. Check whether your state also requires a return - requirements vary. When in doubt, file: skipping a required return (even with $0 activity) can trigger IRS penalties. doola provides guidance on these filings; the actual filing may require a CPA or one of our add-on services. ## Foreign ownership and ownership changes Zero revenue does not, by itself, remove filing obligations. For a foreign-owned LLC, the forms depend on the number of members and how the LLC is taxed. A foreign-owned LLC generally can't be taxed as an S-Corp (Form 1120-S), because nonresident aliens can't be S-Corp shareholders. Form 5472 is the Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Changes in ownership, such as adding a member or shareholder, may require additional IRS documentation, potentially including Form 8832 and updates to applicable Form 5472 or Form 1120 filings. The applicable filings depend on the entity’s ownership and tax treatment. doola can help you understand and prepare the applicable filings through its tax filing services. Check your plan in your dashboard to see which filings are included.