I hope a clothing store in Mayfield Kentucky in June 2007 but is not working at all. I’m closing the end of this month. What do I need to do besides putting a lock in the door?
Who do I need to send the money to the IRS I mean what papers do I kneed to send them just a letter with the check? I’m helping my brother to do this, but I don’t have any Idea what to do please tell me everything I need to do to closed his business. They didn’t sell much.
2007-09-17 02:36:40 · 3 answers · asked by Anonymous in Business & Finance ➔ Small Business
If he was registered with the State of Kentucky as a business, he should dissolve the LLC, corporation or partership if he filed as one of those. This allows him to demonstrate a clear end to his business activities and can help if a lingering liability case comes along. Not likely with a clothing store, but you never know. Check with the Kentucky Secretary of State or whatever agency registers companies there.
His next income tax filing can include a note that he has ceased operations, both to the State of Kentucky and the IRS. I would think just a note attached to his filing would be sufficient so they know not to expect future quarterly payments of estimated taxes.
Finally, the workers compensation fund if he had employees. Drop them a note as well so they aren't looking to collect a future payment.
All of these things can be cleared up after the fact if he dissolves the business, but as you seem to already understand, sometimes its less work to send notices up front so people don't get you on some kind of collection list and then treat you with more skepticism.
2007-09-17 02:45:00 · answer #1 · answered by John M 7 · 0⤊ 0⤋
You should consult a CPA.
You will definitely need a P&L for the year to date in order to determine any profit or loss.
You may not have a tax liability.
Any information you receive here may be erroneous or incomplete.
I could mention a few things, but would need more complete information.
You may find what you need by going to SBA.gov.
They have many templates at their link to Score, which may help you.
This is the Small Business Administration.
I recall that they have a link to "Closing a Business".
2007-09-17 09:53:28 · answer #2 · answered by ed 7 · 0⤊ 1⤋
FILE A NOTICE OF BANKRUPTCY
2007-09-17 09:48:48 · answer #3 · answered by toby 2 · 0⤊ 0⤋