Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

LLC tax I would like to close the llc without paying

LLC tax I would...

LLC tax I would like to close the llc without paying California franchise tax

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I was told that if i don't pay two consecutive years it can be treated as involuntarily disolvation

Accountant's Assistant: JustAnswer requires a modest payment. You'll see the amount on the next page. It's way less expensive than face-to-face would cost. And you're covered by our 100% satisfaction guarantee.

Ok

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 7 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 1 hour by:
1/18/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Please give me a few minutes to type my answer.

Ask Your Own Tax Question

In CA, if you want to dissolve a LLC, all filings and payments must be up to date.

Ask Your Own Tax Question

Administrative dissolution of an LLC occurs when an LLC fails to follow the state’s requirements, resulting in the state agency penalizing or dissolving the LLC. In California, these requirements include payment of the annual tax and fee, in addition to filing the initial and biennial Statement of Information.

So if you don't pay your annual fee, your LLC will be automatically dissolved.

California will administratively dissolve or surrender a corporation that:

  • The State has suspended or forfeited for more than 48 continuous months.
  • Is no longer in business.
  • Has not filed returns for 4 or more years.
  • Has not filed a Statement of Information with California Secretary of State (SOS) for 4 or more years.

The FTB"s administrative dissolution process is fairly involved and time-consuming. It is:

  • They send a notice to the nonprofit corporation’s last known address. If They do not have a valid address, They deem that posting on the SOS’s website that the LLC is administratively dissolved or surrendered is sufficient notification.
  • The SOS provides a 60-calendar day notice of the pending administrative dissolution or surrender on their website. They list the corporation name and the SOS file number.
  • If they receive no written objection before the 60 day period expires, the llc is administratively dissolved or surrendered.
  • They abate qualified tax, interest, and penalty liabilities upon administrative dissolution or surrender.
  • Liabilities to creditors do not discharge. Liabilities of the director or persons related to the administratively dissolved or surrendered llc do not discharge. A llc’s administrative dissolution or surrender shall not diminish or adversely affect the AG’s ability to enforce liabilities.

So, if you don't pay the tax, the FTB will have you administratively dissolved, but it takes more than 4 years.

If your paperwork is up to date, and all returns filed (and the annual fees paid) you can file a certificate of dissolution at no charge. The llc would then be dissolved at that point.

I hope this answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

Ask Your Own Tax Question
Customer reply replied 7 months ago
if i am paying a dissolution and paying no tax, would that be faster process? Also, how much do you charge for filing a dissolution of California LLC along with my personal tax return?

IF your filings are up to date, and you owe no CA franchise tax, you simply file a Form LLC-4/7 with the State. You can prepare it online and print it off. Then, you can either bring it to a Secretary of State office, or mail it to them. You do not file it with your tax return. You file it as soon as possible.

Here is a link to the form:

http://bpd.cdn.sos.ca.gov/llc/forms/llc-3--4-7.pdf

According to the CA SOS website, the current processing time for LLC terminations is 15 days. Today (1/17/2018) they are processing forms that were dropped off or received in the mail on 1/2/2018.

This is certainly faster than waiting 4 years!

Let me know if you have any more questions. I would be happy to answer.

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified
taxmanrog and 87 other Tax Specialists are ready to help you
Ask your own question now

Do you have any more questions? If you need assistance with your personal return, please let me know and I will send you a request for an email exchange and we can discuss it.

Thanks!

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask taxmanrog Your Own Question
taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
1,231 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

taxmanrog is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
An LLC question. Beginning a new LLC partnership and one of
An LLC question. Beginning a new LLC partnership and one of the partners has a personal tax situation. Need to clarify the negative potentials for the partners involved if the IRS decides to seek out … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am filling out an 8802 for my, but I want to make sure I
Hi yes, I am filling out an 8802 for my biz, but I want to make sure I do it right. Can you help? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,684 satisfied customers
But I talked to a finacial advisor, but I am not convinced
hi, My name is*****: Have you talked to a tax professional about this? Customer: yes, but I talked to a finacial advisor, but I am not convinced with his answer. … read more
Carter McBride
Carter McBride
LLM
1,225 satisfied customers
I have been asked to file form 8804, 8805 and 8813 for my
Hello,I have been asked to file form 8804, 8805 and 8813 for my small business.1) How to calculate ECTI allocable to a partner? 2) One of the partners doesn't have an SSN. So how do i get an ITIN? 3) … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
160 satisfied customers
I went to H & R Block and was told I didn't need to pay any
I went to H & R Block and was told I didn't need to pay any taxes then I got a letterf … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
113 satisfied customers
I am looking for a forex tax person. Can you refer me to a
hi I am looking for a forex tax person. JA: Have you talked to a tax professional about this? Customer: no JA: Anything else you want the Accountant to know before I connect you? Customer: can you ref… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
C corp tax question and retained earning question, nope
JA: The expert will know how to help. Please tell me more, so we can help you best. Customer: C corp tax question and retained earning question JA: Is there anything else important you think the exper… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
We set up a LLC with just myself and my daughter as members
We set up a LLC with just myself and my daughter as members so we would title her house and condo in the name of the LLC a few years ago after her marriage split up due to credit problems. The credit … read more
Marcia Mitrano
Marcia Mitrano
MBA
62 satisfied customers
I lived in my primary residence for more tha 2 of the last 5
I lived in my primary residence for more tha 2 of the last 5 years. Rented it out for almost 3 years. How do I figure the gain that I can claim, the depreciation recapture, and which forms I have to f… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I need irs code and regulation for Schedule E landlord
i need irs code and regulation for Schedule E landlord (wife) paying husband as handy man. i know it is not allowed but I need where to find it in a publication or code stating so. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
We have been told that our combined income is too high to
Hi We have been told that our combined income is too high to qualify for a roth ira and we can contribute to a backdoor ira how much tax would we pay if we opened a 5500 traditional ira for 2016 and c… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
My elderly mother sold her house and since all her children
my elderly mother sold her house and since all her children were on the deed, we all get a substantial payout. We will get a 1099 for this year. How will this affect my taxes? Do I need to save out a … read more
Expert
Expert
4 satisfied customers
If my S-Corporation was incorporated in the State of NY and
If my S-Corporation was incorporated in the State of NY and I filed the New York S Corporation Franchise Tax Return CT-3-S while I lived in NY and operated my business in NY but I moved to PA in 2015 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought a car cash, and it was put in my girl friends name.
I bought a car cash for 63000, and it was put in my girl friends name. it was bought in 1/5/2015 then in oct 2015 i bought her a car for 20000 that is 83000. we are at odds and she is using the cars a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have to file a California 2011 540NR Form because I lived
I have to file a California 2011 540NR Form because I lived for eleven months in Idaho and moved to California November 21,2011 and started work on December 1st 2011. In the meantime, I had not closed… read more
abci168
abci168
Principal
27 satisfied customers
I owned a 2% stake in a company which sold late last year.
Hello,I owned a 2% stake in a company which sold late last year. The accountant at the company said I should consider the proceeds long term capital gains. I was also told this is not reflected on the… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Worker in California. My tax preparer did amendments, 2012,
I am IHSS worker in California. My tax preparer did amendments for 2011, 2012, 2013 and also for 2014 (I did not pay tax for 2014) I received letter from IRS 1040X amended return reflects no changes t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,684 satisfied customers
Do I have to fill out schedule A and of tax form 568 for
Do I have to fill out schedule A and B of tax form 568 for my llc in CA if I didn't make any personal income or llc income… read more
abci168
abci168
Principal
27 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x