Closing a business - Tilted Forum Project Discussion Community

pmkuon · 10-04-2004, 04:30 AM

We had a little kiosk in the mall last xmas. Got a tax ID etc. How do I close the business as we have decided not to do it agian this year?

gar1976 · 10-04-2004, 07:56 AM

File one last corporate return, depending on the entity type.

C Corp - 1120
S Corp - 1120s
Partnership - 1065
LLC - 1065
Single member LLC, reported as a schedule C on your 1040 - a schedule C on your 1040

On these forms, there's a spot to check "final return." Make sure that it's checked. If you handed out K-1s, make sure they have "final" checked on them as well.

Depending on your entity type, you may have tax due on the final liquidation. Doubtful if you're just a small operation, but it never hurts to check. Spend the cash and have a tax professional help you out on this one.

pmkuon · 10-04-2004, 04:17 PM

2003 return files as a part of my individual return...busines just a sole prop. Will get professional as U suggested. Thanks for the advice.

gar1976 · 10-04-2004, 05:55 PM

Quote:

Originally Posted by pmkuon

2003 return files as a part of my individual return...busines just a sole prop. Will get professional as U suggested. Thanks for the advice.

Hmmm - why'd you get a tax ID for a sole prop?

If that's all you have, then reporting just the income and expenses should be fine. But again, you might want some help.

pmkuon · 10-06-2004, 03:45 PM

Didn't know what I was doing. Flying by the seat of my pants. Will get some prof help. Thaks again

gar1976 · 10-06-2004, 06:56 PM

No prob. Should be pretty simple if you're organized.

crossova · 10-08-2004, 11:04 AM

i have a similar situation. i filed last year (beg. of '04) my final return (1120). I already mailed back the sales tax certificate to the state but i have yet to pay the 800 in the annual tax for having an LLC. what is the penalty? i didnt know i had to pay 800.00 bucks so im working to pay that off before tax time of '05

10-04-2004, 04:30 AM	#1 (permalink)
pmkuon Upright	Closing a business We had a little kiosk in the mall last xmas. Got a tax ID etc. How do I close the business as we have decided not to do it agian this year? __________________ wea willis

10-04-2004, 07:56 AM	#2 (permalink)
gar1976 Custom User Title Location: Lurking. Under the desk.	File one last corporate return, depending on the entity type. C Corp - 1120 S Corp - 1120s Partnership - 1065 LLC - 1065 Single member LLC, reported as a schedule C on your 1040 - a schedule C on your 1040 On these forms, there's a spot to check "final return." Make sure that it's checked. If you handed out K-1s, make sure they have "final" checked on them as well. Depending on your entity type, you may have tax due on the final liquidation. Doubtful if you're just a small operation, but it never hurts to check. Spend the cash and have a tax professional help you out on this one. __________________ Blistex, in regards to crappy games - They made pong look like a story driven RPG with a dynamic campaign.

10-04-2004, 04:17 PM	#3 (permalink)
pmkuon Upright	2003 return files as a part of my individual return...busines just a sole prop. Will get professional as U suggested. Thanks for the advice. __________________ wea willis

10-06-2004, 03:45 PM	#5 (permalink)
pmkuon Upright	Didn't know what I was doing. Flying by the seat of my pants. Will get some prof help. Thaks again __________________ wea willis

10-06-2004, 06:56 PM	#6 (permalink)
gar1976 Custom User Title Location: Lurking. Under the desk.	No prob. Should be pretty simple if you're organized. __________________ Blistex, in regards to crappy games - They made pong look like a story driven RPG with a dynamic campaign.

10-08-2004, 11:04 AM	#7 (permalink)
crossova Psycho Location: new york	i have a similar situation. i filed last year (beg. of '04) my final return (1120). I already mailed back the sales tax certificate to the state but i have yet to pay the 800 in the annual tax for having an LLC. what is the penalty? i didnt know i had to pay 800.00 bucks so im working to pay that off before tax time of '05