Hey! Good to know and thanks for the feedback. I'll see about adding some steps in there - it's challenging because each state is different. Where is your LLC?
It's a bit different for each state so hard to generalize. Some states require clearance from the state tax agency first and others do not. The end result will be filing for dissolution. Hope that helps.
I created an LLC so that I could sell Pest Control for a company in Idaho. It's an Idaho LLC, but we went to California to sell pest control. I was younger and naive, didn't know what I was doing. I made almost no money, and I paid taxes on the money that I owed during my short time as a 1099 worker. Years later now the California Tax Franchise Board put a levy on my bank account. They said that they thought that because the LLC was never closed (had no idea I was even supposed to do this) they assumed that I was still operating under it and not paying taxes. They said that if I can provide my 1040 and it showed that I was making no income from California, that I'd be good to go. I'm wondering now if there's any fees that have accumulated from my inactive Idaho LLC that I have no idea about.
Thank you so kindly for the guidance. I normally file my personal and business taxes together, since the NJ LLC business is dormant. I am not ready to file my personal taxes but would like to file the business taxes so that i can move on. Can I file them separately?
Hey, if I want to close my LLC in TN couldn't I just ignore the annual report and they'll close the LLC for me so I don't have to go through all the steps myself to close it? I thought I'd use it but I never did, idc if I can't conduct business in TN either
Filling as *Final Tax Return I wouldn't need to file an annual report in Florida? Or final to dissolve the llc? Thanks Can the fee of dissolution of an llc be payed with a credit card under someone else's name?
I am not US resident. I have SMLLC Wyoming - disregarded entity. No debt, no liability. 3 months old. I want to close it. How to: 1. Send article of dissolution to state to close LLC in Wyoming. 2. File tax return with IRS to close EIN? Even if it is disregarded entity. Correct? Or I can just write them a letter to close EIN and account, since I don’t have to pay taxes in US? Please let me know your thoughts. 🙏 I am not sure what to do🙏
I'm not a USA resident. Single member Wyoming LLC (dormant 3 months) no liability no bank accounts nothing. After closing LLC with state. With regard to IRS, do I need to file any tax returns? Or just close the EIN number with them? Kindly let me know thanks
Good afternoon, I have decided to cancel my llc that I opened 2 months ago(MI). I haven’t used it or anything it was just a concept. I got my own ein through irs for the LLC too. My only concern is if dissolve my llc will it take care of the EIN and everything or would I need to do some more steps from my part. Thanks in advance
Hey, great question. The EIN is only attached to that entity so if you dissolve it that's really all that's needed. However, there is a process for closing the business account with irs if you never used it. www.irs.gov/businesses/small-businesses-self-employed/canceling-an-ein-closing-your-account
@@draftedlegal ok sorry I just went through your video again. I’m in Michigan all the steps I need to do is - file final tax return - dissolve my llc - get tax clearance cuz it’s a requirement in MI after dissolving Llc {An LLC must receive tax clearance from the Michigan Department of Treasury within 60 days of filing articles of dissolution} That’s all the steps I need to take in order to stay legally complaint and not need to pay any fees later on? I would highly appreciate it if you can help me out. Earned a subscriber🙏🏻
Can I first close LLC and then close EIN with IRS? Or I must first close EIN number? Wyoming doesn’t require tax clearance certificate. LLC 3 months old.
What are the possible consequences if I don't dissolve LLC, don't file annual report as an Non-us resident except LLC status termination.( I'm not using it for any purpose). I haven't issued seller permit yet. I have ein. Will I face personal charges if I visit US some day.
You could end up owing more in taxes, fees, late fees etc if you don't comply with your state requirements. In most instances, it's best to dissolve when not in use to avoid things like penalties.
Hello Sir Kindly answer my question with full details . I have made my llc in calfornia state on 17 July 2022 . So now i want to close my CA llc and open new llc due to high annual fees . So my question is Did the annaul fees charged on me about 800$ this is was my first year i think i have not crossed over 6 months Second , how about my EIN number . Do i close my EIN from CA stats also after i open new llc in other state ? Kindly share with me the website to close my CA state ? Last, which state do you recommend me to open new llc and should free of tax or less annaul fees
Here is information about closing a california entity. www.ftb.ca.gov/about-ftb/newsroom/tax-news/june-2020/closing-a-california-business-entity.html And here is a video on best state for an LLC: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-e8OtRl7eaZ4.html I hope that helps and good luck!
