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Old 04-24-2015, 11:48 AM
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When should I form my LLC?

Good morning,
I'm in the midst of setting up a promotions company. I will be doing a few different concerts per year in the entertainment realm. However I don't plan to start doing actual business until 2016. But I do plan to get some contracts signed with various artists in the next couple of months to schedule an event in 2016. Should I start my LLC now? Or should I just wait until January for tax purposes? Thank you so much for your time



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Old 04-24-2015, 12:43 PM
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Join Date: Oct 2010
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Should I start my LLC now?================>>I assume LLC means SMLLC, then you do not need to start your LLC UNLESS you are actually engaged in business activities.

Or should I just wait until January for tax purposes?============>>>>I think so; you need to start your SMLLC when you actually get business contracts with your clients in 2016. As a disregarded for tax purposes, you usually need to report all of the LLC’s business activity on a personal tax return by calculating each net profit or loss on the Sch C attachment to IRS Form 1040. However, you need not file a Sch C/SE UNLESS the net taxable earnings for the business are $400 or more. Therefore, no tax reporting requirements exist for inactive SMLLC.



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