Self Employed 1099 LLC Sole Proprietor loss business income.

[Steve R1]

In the past 10 years or so I have been supplementing my social security as a contracted consultant for a company I retired from because of my skill set.  I've been earning about $40K-$50K each year.  The company has informed me as a result of their COVID impact, my services for 2021 have been absorbed in house.  Sadly I will miss the income.  But plan to enjoy total retirement.

I would appreciate any advice or guidance on how I should deal with closing down this business year of 2021.   The one and only payment I received this year was $770.   I work from a home office and have been incurring ongoing expenses such as business phone, business internet, business specific software subscriptions etc...  And other issues related to Schedule C and Home Office when operating at a loss.  (I plan to ride it out through December.)

Thank you,

Steve        

[M-MTax]

If you're the only member of the LLC without an election to be treated as a corporation you only need to file articles of dissolution with the secretary of state or whichever state agency handles LLCs in your state.

[Steve R1]

Great direction, I need to go back to my original 2012 Virginia LLC establishing documentation to review/update as needed.

Thank you, Steve