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I have a Business (IT consulting services I used to do on my

own), I no longer do...
I have a Business (IT consulting services I used to do on my own), I no longer do anything with this Business for aprox 2 years, It has a debt that I am currently paying, I did not renew the annual registration (Florida) last year, I got the letter of "Dissolution" because I didn't renew the registration, I would like to know if there is anything else I need to do, how do I close it and how should I report on taxes the business debt (should I keep doing taxes on the company even there is no activity?).
Thanks for any help!
Thanks!
Ernesto Blanco
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Answered in 12 minutes by:
4/2/2012
J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4,385
Experience: Attorney and small business owner with 10 years experience in the general practice of law.
Verified

J.Hazelbaker :

Hello. Thank you for using JustAnswer.

J.Hazelbaker :

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.

J.Hazelbaker :

Under Florida law, it no longer exists.

J.Hazelbaker :

While it can be revived, you don't need that.

J.Hazelbaker :

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.

J.Hazelbaker :

The status of your legal entity in the state does not, ultimately, matter on the tax issue, particularly for 2011.

J.Hazelbaker :

Simply report the debt payments on Schedule C and move on.

J.Hazelbaker :

Please let me know what follow-up questions you have. If my above responses have been helpful, please click Accept so that I get credit for the time/effort. You may always restart the thread and ask follow-up questions at any time by clicking the “Reply” button at the bottom of the question/answer thread. You can access this thread later in your profile under the “My Questions” tab.

Customer:

hi J.Hazelbaker

Customer:

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

J.Hazelbaker :

Technically, your business would be considered a sole proprietorship. You could continue to have a checking account.

J.Hazelbaker :

However,

Customer:

btw - Its an LLC with my Brother as "Silent"

J.Hazelbaker :

you would be in violation of state law if you continue to use the "corp., Inc., Ltd. or LLC"

J.Hazelbaker :

associated with you business name.

J.Hazelbaker :

So, if you have printed checks out there with the old name, you would be violating state law by using them.

J.Hazelbaker :

However, it is very minor and rarely, if ever, enforced in this context.

Customer:

ok, I don't do anything with checks, I just pay by phone the monthly debt, once I transfer from my personal acct.

J.Hazelbaker :

Then you are fine and don't have anything to worry about on this issue.

J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4,385
Experience: Attorney and small business owner with 10 years experience in the general practice of law.
Verified
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