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As your registration was cancelled by the state, there is no further steps you need to do on the state level to dissolve your legal business entity.
Under Florida law, it no longer exists.
While it can be revived, you don't need that.
The debt you are paying can still be reported on your taxes under Schedule C as business debt, for which you can obtain a tax credit.
The status of your legal entity in the state does not, ultimately, matter on the tax issue, particularly for 2011.
Simply report the debt payments on Schedule C and move on.
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Thanks so much for your reply!I had just one final follow up, I transfer money to the company checking account just for the purpose of paying the debt, can the company continue to have checking account even though it "no longer exist"?ok, I will not do taxes for the company this year and I will follow your advice and add what I paid for business debt on my schedule C.Best Regards!Ernesto
Technically, your business would be considered a sole proprietorship. You could continue to have a checking account.
btw - Its an LLC with my Brother as "Silent"
you would be in violation of state law if you continue to use the "corp., Inc., Ltd. or LLC"
associated with you business name.
So, if you have printed checks out there with the old name, you would be violating state law by using them.
However, it is very minor and rarely, if ever, enforced in this context.
ok, I don't do anything with checks, I just pay by phone the monthly debt, once I transfer from my personal acct.
Then you are fine and don't have anything to worry about on this issue.