That is a plus factor but not dispositive from the IRS' point of view, since many tax schemes include a quickie LLC.
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Also, many bona fide businesses are sole proprietorships and hence not incorporated. Sometimes they make perfectly allowable loss.
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Business plans are among the worst selling fiction of all time.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Wait, in what situations does the IRS require this? I know of several visas that require it, but haven't seen it in tax code...
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When they suspect that losses reported on a schedule C resulted from activities not engaged in for profit AKA hobby losses.
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