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Business & farm
Thanks for your questions.
My point of saying "Close S-Corp" is because of this situation. A lot of retained earnings that I struggle to feel comfortable taking out.
I sold an asset out of this business a few years ago and basically nothing left except cash/investment assets. The last couple of years I haven't done much with it so was thinking of closing and just starting a new S-Corp when I am ready for another venture. Doing investments in S-Corp is challenging at times and since my wife and I control 100% of it then it would be easier to just have money in our personal accounts.
When you say K1 is not generating income to justify a big distribution - that is my challenge - how do I ever get that money out if the K1 NEVER generates income again? Sounds like I would have to close S-Corp?