I’ve started taking care of various aspects of winding down the business. While I’m not currently sure I know everything I need to do, I had a general idea.
- I dissolved the LLC by submitting a LLC-35.15: Articles of Dissolution at the cost of $100. I needed to do this before my 1 year anniversary, or the LLC would not be in good standing. What exactly that would mean, I don’t know. To “renew” the LLC would have cost $250, and with limited funds, closing the LLC seemed like the best option. I received a confirmation letter in the mail a few days later.
- I received a notice from my self-employed 401k that I might need to submit a IRS 5500 (EZ in my case). Reading through the instructions It looks like I don’t need to unless the collected amount in the retirement fund is over $250,000. So luckily, it looks like I can leave that as-is.
- I ended up closing my HSA account a while back. Come tax time I’ll probably have to pay tax on that money. It wasn’t much, so probably only ~$40 or so.
- My taxes this year will be as much of a pain as they were last year. This time I have to make certain that I file them and select and “this business is closing” options in the tax forms. I assume the s-corporation tax return form has something for that. Not looking forward to that stuff. Tax programs are not cheap.
- As I mentioned in a previous post, I need to keep my bank accounts active until tax time as well as my IRS tax ID.
- I lucked out by electing to be taxed as an s-corporation. I am currently getting unemployment from the state because I was paying in unemployment on myself. If I had not been taxed this way, I would have had a difficult time as I would have paid higher self-employment taxes and had no money at all coming in being unemployed. These two points make it very very much worth the extra hassle.
I’m sure that I am forgetting some points, but this is good for now.