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Old 05-31-2009, 10:00 PM
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Start up Costs/No Income

Hi,

I have started a clothing line (LLC) and spent $14,000 in 2008 in expenses (fabric, manufacturing, sewing machines, etc.) I had no income during this year. How should I file for 2008 (already filed extension)?

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Old 06-02-2009, 10:26 PM
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You would file as a Single member LLC, that is on Schedule C of your Individual tax return on Form 1040, if there are no partners in your LLC. If on the other hand, you have a partner than you should file your tax return as a Partnership Tax Return on Form 1065.

For your Single Member LLC, the $14,000 losses would flow directly onto your Schedule C and carried over directly to Line 12 of the Individual Tax Return Form 1040 on Page 1.

For the Partnership Tax return, the $14,000 losses would flow on the K-1 and would be reported on Line 17 of the Individual Tax Return Form 1040 page 1.

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