Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Jul 31, 2019 8:03:14 AM

Closing Single Member LLC

I have recently dissolved my single member LLC. Last year I filed a schedule C with my own return. When I file for 2019 do I also file the schedule C and is there a place to note that it will be a final return?  Are there any other forms I need to file with the IRS to close the single member LLC?

0 3 3071
3 Replies
Level 15
Jul 31, 2019 8:33:13 AM

Yes there is a question if it is a FINAL schedule C.  I think it puts the word Final at the top of Sch C.

 

If you need to close a business schedule C, see this article on closing a business
https://turbotax.intuit.com/tax-tips/small-business-taxes/closing-a-business/L3pbEl8of

 

Are you using Online or Desktop program?  Here are 3 screens.  See, there is a place for Disposed of, etc.  The first 2 are from the Home & Business Desktop program and the 3rd one is from Online.  Online says Stopped work in 2018.

 

 

Level 15
Aug 2, 2019 5:02:31 PM

The word FINAL will NOT be on the Sch C anywhere ... but in the program you MUST indicate it is the FINAL Sch C so the program will stop depreciating the assets and ask you to sell or retire them  AND  more important the Sch C will not be carried to next tax year.  The IRS will know the business has closed simply by the lack of the Sch C form in the return ... nothing else is needed. 

Level 13
Aug 4, 2019 10:29:26 AM

In addition, you may need to complete a filing with your state of domicile indicating that the business has ceased.  Typically this is with the Secretary of State.