Client owns a sport fishing boat, Titled under a Partnership LLC. It is just a pleasure boat titled under the LLC for asset protection. Is a return needed?

[nmr12354]

Client purchased a sport fishing boat and had it titled under an LLC for asset protection. He has no intention of using it for income. It is strictly a pleasure boat. Although he did obtain an EIN number, is it necessary for the partnership to file a return? There would be no loss. 

[Just-Lisa-Now-]

Whos the other partner?

[nmr12354]

his wife

[msmith7305]

If you look at "Who Must File" in 1065 instructions you will find your answer.

[IRonMaN · Accepted solution]

No income, no expenses, no return.