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I am not sure I need your services, just researching now. I formed a c-corp for a one man small business in 2011. I need to shut the corporation down and have the EIN number removed from my tax information. Since 2013, I formed a different business of which I work with a parent company thus I don't need an EIN number or c-corp status to operate the business.

Lawyer's Assistant: Thanks. Can you give me any more details about your issue?

I am working as a travel agent under the licensing of a parent company. They issue any W-4's in January if I have made over 5,000 in sales. For the most part, I am my own boss with regards ***** ***** the marketing and such.

Submitted: 2 years ago.Category: Business Law
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1/24/2016
Business Lawyer: Christopher B, Esq., Attorney replied 2 years ago
Christopher B, Esq.
Category: Business Law
Satisfied Customers: 3,166
Experience: associate attorney
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What state are you from?

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Business Lawyer: Christopher B, Esq., Attorney replied 2 years ago

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

From the IRS website:

"The IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity. Regardless of whether the EIN is ever used to file Federal tax returns, the EIN is never reused or reassigned to another business entity. The EIN will still belong to the business entity and can be used at a later date, should the need arise.

If you receive an EIN but later determine you do not need the number (the new business never started up, for example), the IRS can close your business account.

To close your business account, send us a letter that includes the complete legal name of the entity, the EIN, the business address and the reason you wish to close your account. If you have a copy of the EIN Assignment Notice that was issued when your EIN was assigned, include that when you write to us at:

Internal Revenue Service
Cincinnati, Ohio 45999

Note: If (1) you made a Federal Tax Deposit or other Federal tax payment, (2) are liable for any Business Taxes, or (3) the IRS has notified you that a business tax return is due, you must file the appropriate tax return(s) before we can close your account."

Though state paperwork requirements can vary, corporations typically must file articles of dissolution, or a similar document, with their state’s business registration authority, often the secretary of state, which is the same registration authority where the corporation filed its articles of incorporation. If the corporation operates in more than one state, it might have to file notices in each state where it operates. If a C corp is in possession of business licenses, it might also have to file paperwork to terminate those as well.

Before a corporation can cease to exist, it must wind up its affairs, meaning it must pay all outstanding obligations and debts, including loans to the corporation by shareholders. The corporation should also set aside money for any claims that might arise after the corporation dissolves. The C corp must also take steps to close bank accounts and terminate leases or contracts. Federal and state taxes continue to accrue until the date of dissolution, so the corporation must file final tax forms, including those for payroll and sales taxes as well as income tax returns, and indicate the corporation is terminating.

State law may require a corporation to provide written notice of its dissolution to known creditors, allowing them an opportunity to present their claims against corporate assets by a specific date. Some states might allow a corporation to publish a public notice to unknown creditors, advising them to file their claims within a specific time frame or forfeit the right to make a claim.

If a C corp has any remaining assets after it pays its creditors and state approves its dissolution, it must distribute them as set forth in the corporation’s bylaws or by state law. Typically, a corporation must distribute remaining assets to its shareholders in proportion to the number of shares each shareholder owns. The C corp must also file the appropriate tax paperwork in which it reports the distributions made to shareholders.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

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Business Lawyer: Christopher B, Esq., Attorney replied 2 years ago

Just checking back in, do you have any further question? I want you to be satisfied with my service, so please let me know.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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