@Eamonn McElroy Thanks for your specific guidance. You are right. I need to pay a minimum of $100 franchise and excise tax via FAE 170, regardless of inactivity. Thank you!!
I'm confused on FAE 183 though, what is this? FAE 183 - Application for Exemption/Annual Exemption Renewal. Do I fill this out to avoid the minimum franchise tax?
Seems clear that I won't need to file a SCH-C at the fed level:
When an LLC only has one member, the Internal Revenue Service (IRS) will automatically ignore it regarding federal tax liability. This is because the LLC member's expenses and income will appear on their individual tax return. When an LLC has two or more members, the IRS will automatically treat it as a partnership. Therefore, the LLC will file an informational return to report their income, gains, losses, deductions, credits, etc.
Filing for Disregarded Entities
When they're not treated a separate entity, LLCs are taxed similar to sole proprietorships. In other words, their expenses and income are filed on Schedule C of their members' personal tax returns. Schedule Cs must be filed for all LLCs that generate income of more than $400 annually.
A single-member LLC, without any expenses to deduct and no business activity, is not required to file the LLC's income on Schedule C. Remember, the member will need to file an individual tax return, and may need to complete a Schedule C for self-employment income.