RobertG
Expert Alumni

Business & farm

Yes, you should file returns and issue K-1s.

 

Assuming you have been filing partnership or S-Corporation returns for each LLC, you should file a final return in the year the business ceased to operate.  That way you can report the remaining expenses and officially close the business.

 

Filing a return starts the running of the Statute of Limitations and limits the time that the IRS can begin an audit.

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