Hello everyone. Me and my friends are considering setting up an LLC partnership, or an LLP. We are all still working regular jobs and are planning to continue doing so. If we set up a company that does not have much business, does it still need to keep accounts and file tax returns?
Yes of course. Any company, as long as it exists on paper, needs to file tax returns. That won't be as "taxing" for a small business without any work as it is for a large concern of course. But the internal revenue service needs to know what you get up to. This is perfectly normal and there is no need to worry.
