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Old 11-20-2014
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Default Banned accounts w/ LLC

Question,

What do you guys do with your LLCs once an amazon account goes down? Is it a long process to close one down?

I know California will charge $800/year to keep one open.
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Old 11-20-2014
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Default Re: Banned accounts w/ LLC

Quote:
Originally Posted by imboxsy View Post
Question,

What do you guys do with your LLCs once an amazon account goes down? Is it a long process to close one down?

I know California will charge $800/year to keep one open.
Very very interested in this...

I plan on opening a few in New York next year..
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Old 11-20-2014
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Default Re: Banned accounts w/ LLC

To enusre you do everything the correct way, please use the IRS site.

It's user friendly and free to use.


None of us are tax professional and privy to your business plans.

Read over this to get some understanding of what is involves.

Closing a Business Checklist
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Old 11-21-2014
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Default Re: Banned accounts w/ LLC

Depends on your state, but most will just dissolve your corporation if you don't pay the renewal fee.
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Old 11-21-2014
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Default Re: Banned accounts w/ LLC

Quote:
Originally Posted by GreenBean View Post
To enusre you do everything the correct way, please use the IRS site.

It's user friendly and free to use.


None of us are tax professional and privy to your business plans.

Read over this to get some understanding of what is involves.

Closing a Business Checklist
IRS has nothing to do with forming/closing LLC (other than handling the EIN). LLCs are formed with the individual states
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Old 11-21-2014
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Default Re: Banned accounts w/ LLC

for my fellow CA members

"To cancel the Articles of Organization of a domes
tic limited liability company (LLC), the California
(domestic) LLC must file a Certificate of Dissolution (Form LLC-3) and Certificate of Cancellation (Form
LLC-4/7).
However, if all the members vote to
dissolve, only Form LLC-4/7 is required"
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Old 11-21-2014
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Default Re: Banned accounts w/ LLC

In most states, you just file a form. In some states, if you don't update your information on a regular basis, the LLC will be "administratively dissolved". The IRS has their own rules for closing out any EIN's you may have.

Greenbean is correct. If you are unsure of the rules in your state, or need help with taking an EIN off of your IRS record so that you are no longer responsible for it, you should check with an attorney or a professional tax advisor. State rules differ, so what works in one state may not work in another state. Taking advice from a free web forum would not be advisable in this situation. Even with the best of intentions, you could have a problem if you live in Illinois and followed the rules for closing an LLC in California.
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