You will use one form to dissolve a limited liability company and another form to dissolve a regular corporation.For tax accounting purposes, you will need to file one last S corporation 1120S tax return, marking the return as "final." You should also technically file the form 966 with Internal Revenue Service.Closing a business and liquidating assets can be a very complicated procedure subject to many laws and regulations.
Had the meeting with my accountant this morning; spoke about the salary I had taken, the CT liability etc.While the process of closing a business is very difficult for many reasons, it is important to make sure you get the best value for your assets, pay your employees, satisfy your creditors, and comply with state and federal laws.Every business--even a very successful business--eventually ends.Accordingly you will need to someday to shut down, or liquidate, any S corporations you start.Note: The discussion here focuses on steps for dissolving an S corporation, but the information will probably also be helpful if you're asking yourself questions such as, "How do I end a corporation? ", and "how do I stop doing business as a corporation? Fortunately, shutting down an S corporation doesn't have to be that much work. Legally what you do to "shut things down" is file articles of dissolution with the secretary of state in the state where you formed the corporation or limited liability company used for the S corporation.If you have a lot of debt but your creditors won't take your settlement offers -- or you don't even have enough cash to offer a settlement -- bankruptcy is likely your best option.All business debts are personal when your business is organized as a sole proprietorship, so your bankruptcy choices are to file for Chapter 7 bankruptcy, which will wipe out most of your debts, or for Chapter 13 bankruptcy, which will let you repay some or all of your debts over time.Vote to dissolve the business following the procedures set out in your organizational documents (articles of incorporation, articles of organization, corporate bylaws, or LLC operating agreement) or, if these documents are silent on the dissolution process, your state's business statutes.The vote to dissolve the entity should be recorded in a resolution in the minutes of a meeting or with a written consent form and put it in your corporate or LLC records book.Typically, the form merely asks for information that identifies you and your corporation, but some states also ask whether all debts and liabilities have been paid (or assumed by another company or provided for in a bank or escrow account) and whether the remaining assets, if any, were distributed.Most states charge a small fee for filing the form—check the form instructions for the amount.