Don't overlook these!
Updated for 2012
If the partnership is closed:
If the corporation is closed:
Notify the IRS:
The IRS must be notified of the corporation's termination by filing Form 966, Corporate Dissolution or Liquidation.
When to file Form 966:
File Form 966 within 30 days after the plan or resolution of liquidation is adopted.
You must also comply with your state's requirement for dissolving the corporation.
A corporation must be formally terminated and state tax obligations must be up to date. It's not like a sole proprietorship, where you just stop filing Schedule C and go on your merry way.
Contact your state's Corporation Commission (or whatever the appropriate agency is called in your state) to find out the appropriate procedures to follow.
Copyright © 2008-2013 Larry Villano. All rights reserved.