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Old 03-09-2018, 05:07 PM
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Join Date: Mar 2018
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Are K-1's and a 1065 needed for a FL LLC with Husband and Wife as Members?

Hello All,
In 2017 I started a new LLC in Florida. I also added my Wife as a member. We are married and file jointly.

Do I need to submit a 1065 for the Business and issue K-1s if we are the only two members and we will file jointly again this year?
If it matters, the business made $0.00 (Nothing in and Nothing Out)

In hindsight I either wouldn't have started the business, or not have my wife listed.

Thanks in advance for your help.



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Old 03-10-2018, 08:27 AM
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Join Date: Oct 2010
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Do I need to submit a 1065 for the Business and issue K-1s if we are the only two members and we will file jointly again this year?====>There are two choices for your case; 1)Since Your home state of FL is not a community pty state so you need to file your return as an MMLLC by filing form 1065 and the MMLLC needs to issue you Sch K1s of 1065; 2) if not, then, you may file Sch C of 1040 as a sole ownership and you may issue your spouse a W2 as a regular employee.Ion this case a sole owner you do not ned tpo file form 1065 and Sch K1s of 1065 as your biz is not a MMLLC, a partnership.


If it matters, the business made $0.00 (Nothing in and Nothing Out)In hindsight I either wouldn't have started the business, or not have my wife listed.========>no difference;aslongas you set it up as a MMLLC, I mean a partnership, But even though an inactive LLC has no income or expenses for a year, it might still be required to file a federal income tax return. LLC tax filing requirements depend on the way the LLC is taxed. An LLC may be disregarded as an entity for tax purposes, or it may be taxed as a partnership or a corporation.Unless you hire your spouse as your employee you do not need to issue her a W2 but you are still a soleowner and need to file Scjh Cof 1040 even if your biz has net operating losses to claim the biz related expenses on your return.



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