topic Closing Single Member LLC in Business & farm

Closing Single Member LLC

c_kelly — Wed, 31 Jul 2019 15:03:14 GMT

I have recently dissolved my single member LLC. Last year I filed a schedule C with my own return. When I file for 2019 do I also file the schedule C and is there a place to note that it will be a final return? Are there any other forms I need to file with the IRS to close the single member LLC?

Re: Closing Single Member LLC

VolvoGirl — Wed, 31 Jul 2019 15:33:13 GMT

Yes there is a question if it is a FINAL schedule C. I think it puts the word Final at the top of Sch C.

If you need to close a business schedule C, see this article on closing a business
https://turbotax.intuit.com/tax-tips/small-business-taxes/closing-a-business/L3pbEl8of

Are you using Online or Desktop program? Here are 3 screens. See, there is a place for Disposed of, etc. The first 2 are from the Home & Business Desktop program and the 3rd one is from Online. Online says Stopped work in 2018.

Re: Closing Single Member LLC

Critter — Sat, 03 Aug 2019 00:02:31 GMT

The word FINAL will NOT be on the Sch C anywhere ... but in the program you MUST indicate it is the FINAL Sch C so the program will stop depreciating the assets and ask you to sell or retire them AND more important the Sch C will not be carried to next tax year. The IRS will know the business has closed simply by the lack of the Sch C form in the return ... nothing else is needed.

Re: Closing Single Member LLC

Rick19744 — Sun, 04 Aug 2019 17:29:26 GMT

In addition, you may need to complete a filing with your state of domicile indicating that the business has ceased. Typically this is with the Secretary of State.