I think I know the answer to this but I was typing an email to the client and as I was typing I questioned what I was saying.
Client had an s corporation in state A for several years. Closed corporation because he moved to state B. Set up LLC in state B and chose to be taxed as an s corporation. He is now closing the LLC. (working for someone and getting W-2).
The assets of the business in the LLC still have to be distributed to the shareholder in closing the company taxed as s corp. Is that right?
Guess I am asking if being an LLC with the state changes how the business is closed.
Linda, EA
Client had an s corporation in state A for several years. Closed corporation because he moved to state B. Set up LLC in state B and chose to be taxed as an s corporation. He is now closing the LLC. (working for someone and getting W-2).
The assets of the business in the LLC still have to be distributed to the shareholder in closing the company taxed as s corp. Is that right?
Guess I am asking if being an LLC with the state changes how the business is closed.
Linda, EA
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