Is a Non-Activity Report required for an Iowa LLC with zero income/expenses?

[Heli Beran]

Hi everyone!

I'm wondering if a Non-Activity Report is necessary for an Iowa real estate LLC that was formed but that never conducted any business for that year because the deal for which the entity was formed fell through? (Please note that the cost of forming the LLC was covered by the seller who backed out of the deal.)

The LLC has two members, and the LLC will be taxed as a partnership.

Thanks!