[Jewelry making - Article 00799] - Re: [Orchid] How to close up a business

[David Huffman]

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Hi Liz;

    A lot will depend on what state your are in, since incorporation is
    a state charter, but I'd guess that it's pretty much the same in most
    states. Might have to pay a small processing fee in some states. I
    closed a Sub-S in Michigan in 2002 and re-incorporated in NY, and all
    I had to do was fill in a form for dissolution of a corporation and
    mail it to Mich. There was no fee involved. You will be liable to pay
    any sales taxes collected previous to the filing that haven't been
    remitted to the state, anything collected after March 1 will have to
    be paid next year (if that's your business fiscal year end). 

    You will also have to file all the other federal and state tax forms
    for the last year of business or partial year. As with any Sub-S, you
    usually have a $100 minium corporate tax due (for me, this month),
    and any capital gains or losses are weighed against your personal tax
    filings. But consider this. If you have equipment that you have been
    spreading out the depreciation on, you'll want to see if you can get
    all of what remains included in your last filing. I have an
    accountant take care of all that, but if you are going to do it
    yourself, I'd go to the appropriate state.gov website and look up
    the procedures. Really, I wouldn't try to do all this without a CPA,
    the dissolution of incorporation, yes, depreciation schedules, etc.,
    no. 

David L. Huffman
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