Liquidating my assets
S corporations that are going out of business must pay off all known creditors first out of the proceeds of the liquidation and to allow enough time for unknown creditors to make a claim.
Most states also require dissolved corporations to set aside enough money to pay any potential debts that are still in dispute at the time the business closes in case the resolution of the matter isn't in the company's favor.
Residential Liquidation helps clients who are in need of an estate sale or buyout by purchasing the entire contents of a property for one fair, negotiated price.
Dissolving an S corporation and liquidating its assets is more complicated than it may seem at first.
If he doesn't have cash, you can distribute the receivable to him - same treatment in his individual return, but I prefer the first option for a better trail.
Finally, remaining distribution is liquidating dividend. Don't forget to prepare a 1099-DIV for year of liquidation.
Not all circumstances are bad, other changes are simply the desire to live a more active lifestyle.
The benefit of downsizing is once you organize your home, then you organize your life.
I try to make sure all expenses are considered in the final return - federal and state income tax, liquidation fees, my fee - and have the client write the final checks before he makes his own final distribution.Our Buy Out option guarantees our client a fair price, immediate payment, and piece of mind.We currently serve Arizona, California, Las Vegas and Utah. We have helped several families and businesses in distressed situations associated with aging, the death of a loved one, or perhaps an illness overcome financial barriers by paying cash on the spot.But now I am getting ready to dissolve C Corp, assets remain were Cash, AR Officers, Common Stock and retained earnings. There should be no further tax effect to the corporation, since the assets are worth exactly what's on the books.If the s\h has the cash, have him repay the loan to the corp and then distribute the cash to him.