I closed my business a few years ago and once a year I receive a payment from the corporation I sold it to for the sale of my clients for the next 10 years. I am not in business selling or nor do I have employees so my question is on the 1120 S tax form it ask if the business has closed, and if so, what year. Should I say I am closed since I sold my client list and the accounts or I am active since I am receiving my payout from selling and I am writing off business expenses to offset the income?
Rj
