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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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LLC formed to purchase a franchise operation that did not go

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LLC formed to purchase a franchise operation that did not go through. How are the expenses treated

RD :

Is the LLC closed? Did you incur startup costs?

RD :

Please provide information to the details requested and I will assist you further.

JACUSTOMER-pgs1im31- :

The LLC is closed because it was formed strictly to purchase this franchise. It did incurre expenses, i.e. legal, forming the LLC, etc.

RD :

You will be able to write off the expenses incurred in starting the LLC and other expenses in the year the LLC closes.

RD :

or ceases operation

RD and 4 other Tax Specialists are ready to help you

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