I am a solo s-corp in MA and my corporation had no income in 2017 and no cash reserve. I decided to close the business towards the end of 2017. To do this in Massachusetts, I had to file articles of dissolution and all the pending annual reports from previous years.
Expenses
Amount
Articles of dissolution (MA State) - $
109 Annual report 2013 (Sec of MA) - $
135
Annual report 2015(Sec of MA) $
135
Annual report 2017(Sec of MA) $
109
Annual corporate excise 2016(Paid on 3/1/2017) - $
456
Corporate excise Final filing 2017(Paid
on 3/1/2018) $
456 (Can I claim this since i incurred this technically in 2018) ?
Sum total of all closure related expenses $1400. Since my business bank account had not cash and I had no revenue, I had to use my personal credit card for all the above expenses. I also used my personal credit card for some very basic business expenses - around $200. I am the sole shareholder of my dissolved s-corp. Will I be able to declare all these as a loss or liability or a loan from the shareholder and pass it to my Schedule K1? Should I show this $1600 as a loan from the shareholder ? How do I bring my balance sheet to 0 ? MA needs to see a 0 balance sheet. Please advice.
Does this sound right on the balancesheet?
Shareen
