Hi
Thanks to everyone contributing to this great forum. I have gained enormous insight into setting up a business in the US based on information on this website. I have a question around closing a C-Corp and was wondering if anyone had any insight into it.
I had started a C-Corp company in November of 2002. This company was incorporated in Delaware, had a mailing address in New Jersey. Dont ask me why i did it that way. I had no clue about companies back then and just wanted to learn about setting up a company back then. I filed my taxes in Delware, new Jersey and federal for last year. Last year around March i decided to close the comany since i didnot find sufficient opportunity to justify it's upkeep. I worked with an online firm to send the company closing documents to the Delware state authorities. This online firm told me that I didnot have to do anything to inform the feds about closing the company and that i just need to file my taxes appropriately at the end and that would be sufficient.
I have not earned any income from the company so far. In fact it has been eating into my income due to ongoing expenses.
I have 4 questions
1. Do you see any discrepancies in what i have been adviced so far
2. What forms would i need to file at the Delaware and Fed level to officially close the company.
3. In NJ i never even officially filed any papers to say that i started a company although i filed taxes last year. Do you suggest that i formally close the company in NJ also
4. Which section within the tax filing papers would indicate that i am closing a company at the state and fed levels.
I would really appreciate anyone's input into this matter. I have had to pay substantial amounts of money to a tax guy in NJ and still didnot achieve any value out of it. I was hoping to carry out my company taxes on my own this time atleast.
Thanks much
Thanks to everyone contributing to this great forum. I have gained enormous insight into setting up a business in the US based on information on this website. I have a question around closing a C-Corp and was wondering if anyone had any insight into it.
I had started a C-Corp company in November of 2002. This company was incorporated in Delaware, had a mailing address in New Jersey. Dont ask me why i did it that way. I had no clue about companies back then and just wanted to learn about setting up a company back then. I filed my taxes in Delware, new Jersey and federal for last year. Last year around March i decided to close the comany since i didnot find sufficient opportunity to justify it's upkeep. I worked with an online firm to send the company closing documents to the Delware state authorities. This online firm told me that I didnot have to do anything to inform the feds about closing the company and that i just need to file my taxes appropriately at the end and that would be sufficient.
I have not earned any income from the company so far. In fact it has been eating into my income due to ongoing expenses.
I have 4 questions
1. Do you see any discrepancies in what i have been adviced so far
2. What forms would i need to file at the Delaware and Fed level to officially close the company.
3. In NJ i never even officially filed any papers to say that i started a company although i filed taxes last year. Do you suggest that i formally close the company in NJ also
4. Which section within the tax filing papers would indicate that i am closing a company at the state and fed levels.
I would really appreciate anyone's input into this matter. I have had to pay substantial amounts of money to a tax guy in NJ and still didnot achieve any value out of it. I was hoping to carry out my company taxes on my own this time atleast.
Thanks much