LLC vs S-Corp & Entity Choice
“I formed an LLC last year but never made any money or opened a bank account, do I still have to file a business tax return?”
An LLC that had no income and no bank account can still have filing considerations, and the answer often depends on how the entity is classified, whether it was formally active during the year, and what state filings or annual reports may apply. In many cases, a newly formed LLC may have little or no federal tax activity, but state-level requirements can still matter even if no money moved through the business. The timing of formation, any elections made for tax purposes, and whether the LLC is single-member or multi-member are all factors that can shape the filing picture. Working through the specifics with a CPA is the cleanest way to land on the right move.
In your 30-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I formed a single-member LLC but forgot to get an EIN, can I just use my Social Security number on my Schedule C without issues?”
“I am transitioning my W-2 income into a consulting business, does electing S-Corp status actually lower my self-employment tax?”
“My solo business is making about the same as my old salary, should I switch from a sole proprietorship to an S-Corp?”
“I have a profitable side hustle on top of my day job, is it worth the administrative cost to form an LLC just for that income?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
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