When dissolving a NYS LLC taxed as an S-Corp, besides filing a final return and making sure shareholder pays normal income tax on the amount on final K-1 with their next 1040 return, are there any tax implications for the actual cash left in the business bank account?
Or it literally just goes to the shareholders personal account and no further tax at all is paid and shareholder keeps it? Single shareholder in this case. No debt or people needing to be repaid by company, no outstanding taxes due.
