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A client of mine owns one Master LLC. He and his wife are…

A client of mine owns...
A client of mine owns one Master LLC. He and his wife are officers. He then owns two series LLCs. No activity has started yet so should I file a 1065 zero tax for the Master LLC and the two series LLC?
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Answered in 6 minutes by:
3/11/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,155
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.
You will not need to file anything. If the partnership had no expenses and no income, then there is not a filing requirement.
If the other LLCs are disregarded entities, then you do not need to file anything for them.
Only corporations have a filing requirement when there was no activity.
It doesn't hurt anything to file a $0 return and filing could stopa future notice from the IRS asking why you did not file.
Let me know if you need anything else. If not, please leave a rating. Thanks!
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Customer reply replied 2 months ago
Ok so if I were to file a zero tax would I just file for the master LLC or do I have to file for a series LLC as well? Also who would be considered officer of the series LLC?
If Master LLC owns the other ones, they're disregarded and are reported on Master. So, you would just file for Master.
The officers would be whoever they appoint to be.
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Customer reply replied 2 months ago
Ok so in future when they do have income, are you telling me that I never have to file any tax return for series LLC's? What if the series LLC's have income? Does it get reported on Master LLC? That is the confusion. Maybe I am not explaining myself clearly.
Yup. as disregarded entity subsidiaries, all the income goes on the one Master, LLC tax return.
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Customer reply replied 2 months ago
Ok I understand now so then why do the Series LLCs have a tax id? Do I just disregard the fact that they have tax ids and do not file any return?
The other LLCs can have employees and they'd need an EIN for that. They also need it to setup bank accounts.
Just you can just disregard that they have EINs.
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Customer reply replied 2 months ago
that means for always disregard the series llcs for 1065 filing. Roll over their income into parent LLC and file on 1065 and it would be fine because IRS would know that this is a series LLC so no tax needs to be filed. Is that correct?
Yup.
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Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
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