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CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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27 yrs in business as a corp but have never paid franchised

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27 yrs in business as a corp but have never paid franchised tax . I hold all 1000 shares what can I do if I wish to close the intently

USTaxAdvising :

Hello


 


Thanks for your question. Can you please elaborate a little more on what your question is exactly? I will do my best to assist you if you can provide some more information and be a little more precise with your question on your Texas C corp.

Customer:

will I have to pay a tax or can I just close the corporation and start my business as sole proprietor

USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience: US Taxation specialist.
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Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

The corporation has most likely been closed by the State for non filing and/or non payment of franchise taxes. You are free to open a sole proprietorship but I would not use exactly the same name. The exact same name usage might trigger an action by the state to secure payment of all those years of franchise taxes which would, with interest and penalties added, be astronomical.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3820
Experience: over 40 years experience in tax matters
CGCPA and other Tax Specialists are ready to help you