Hi,
I had formed an LLC in NJ in 2006 but never commenced any business. I will not be doing any business under that LLC or any other , for that matter. Do I have to file annual reports for this defunct LLC? Do I have to cancel it? What if I do not do either? (I have received notices from NJ treasury to file annual reports. I am a NJ resident). Please advise.
Thanks.
KKVen

You should file the Annual Reports from New Jersey State. These annual report fees are only $50 per year. You should have your CPA file these for you. Now, if you do not envisage conducting any business in the LLC, then I think you should proceed to dissolve your LLC, the cost of which I believe to be only $125.

With respect to filing the tax returns from the prior years, that is, from 2006 through to the current period, I recommend that you file these delinquent tax returns to avoid possible penalties for non-filing. Upon termination of the LLC in 2009, you can cease filing a tax return for the tax year 2010.

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