I think you might have been running those LLCs under false information, maybe someone told you that years ago or something.
The IRS can’t “revoke” an LLC because an LLC is a state thing, only the state of incorporation can do that. The IRS really doesn’t care if you intend to make a profit or intend to run a business, only that if you do, you pay taxes on it. An LLC isn’t even required to file a return if they don’t make a profit.
And in most cases, Single-member LLCs (which is what I’d be opening) are dealt with on personal taxes.
Now, there may be a state that has some weird rules on LLCs where they do need to have an intent to turn a profit out there (and maybe you opened an LLC in your home state that does have these weird rules), but not with any of the “common” states (e.g. Nevada, Wyoming, Delaware)
Though, I’d be happy to take a look at a link/source you have of something that is directly related to what I’m doing, but I’ve already done a fair amount of research into this and this is the first I’m hearing of requiring an intention of profit
I think you might have been running those LLCs under false information, maybe someone told you that years ago or something.
The IRS can’t “revoke” an LLC because an LLC is a state thing, only the state of incorporation can do that. The IRS really doesn’t care if you intend to make a profit or intend to run a business, only that if you do, you pay taxes on it. An LLC isn’t even required to file a return if they don’t make a profit.
And in most cases, Single-member LLCs (which is what I’d be opening) are dealt with on personal taxes.
Now, there may be a state that has some weird rules on LLCs where they do need to have an intent to turn a profit out there (and maybe you opened an LLC in your home state that does have these weird rules), but not with any of the “common” states (e.g. Nevada, Wyoming, Delaware)
Though, I’d be happy to take a look at a link/source you have of something that is directly related to what I’m doing, but I’ve already done a fair amount of research into this and this is the first I’m hearing of requiring an intention of profit