Need help about this old company I already closed

[newyorkcheesecake]

As you may know, it's been a while since the pandemic and that one was the boom of many ecommerce business. So I had like 10 employees working for me, my graphic designers, my marketers, etc. I already closed it but I kept up with the tax filings. I didn't, however, liquidate the company. How can I close the company without hiring a firm so I can save some costs?

Just a quick question before I go. I kind of owe myself money from the company. Is it company debt? Is it gonna reflect negatively on me as well? Help.

 

[Economist_]

Hey, to close your company yourself, you'll need to file dissolution paperwork with your state, no firm needed, just careful follow-through...and about that money you owe yourself? That's a company liability, not personal debt, so it shouldn't hurt your credit.

 

[Kurt Zamo]

Hey, to close your company yourself, you'll need to file dissolution paperwork with your state, no firm needed, just careful follow-through...and about that money you owe yourself? That's a company liability, not personal debt, so it shouldn't hurt your credit.

This is a good starting point on the dissolution papers. One other big step is making sure all your final payroll accounts from when you had employees are properly closed with the state and IRS. I'd be interested to know what progress you have made since May.

 

[balancesheetboss25]

To close your company, just file the state forms and pay off what you owe. If the company owes you money, that's seen as a shareholder loan, not debt. Make sure you document it well to avoid problems with taxes or the law

 

[pottedplant]

WHile the process is more or less similar, there might some differences in different jurisdictions. I get what you're saying about saving costs and It's something I would do as well, but here's the problem. A company will overcharge you and get it done quickly and most importantly correctly, saving you time and the potential cold sweat from maybe messing something up in the process.