Closing my NY small business corporation

[Talll394]

If I do not officially close my New York corporation and just abandon all use and don't pay annual fees/taxes, will the state simply close the company?
In essence closing it for me?

I have decided not to pursue the business.

[adjusterjack]

Re: Closing my NY small business corporation

It takes two years for the state to dissolve your corporation by proclamation. During that time you must continue to file returns and pay taxes.

The state will come after you, personally, for future taxes and fees if you don't properly dissolve your business.

I would think you would want to avoid that.

Do it right.

https://www.tax.ny.gov/bus/doingbus/tr125.htm

[Lexus]

Re: Closing my NY small business corporation

Legally you are obliged to wind-up the corporation when you decided to permanently shut it down, but if you decide to abandon it there is no serious consequences.

[adjusterjack]

Re: Closing my NY small business corporation

if you decide to abandon it there is no serious consequences.

Other than what the state's website says there is.

Jeez.

[ada77]

Re: Closing my NY small business corporation

Usually they just let it die. No big deal.

As long s you don't have any significant income.

[Highwayman]

Re: Closing my NY small business corporation

Usually they just let it die. No big deal.

Usually? Where are you getting your stats from?

"They"? Who is "they"?

[Unregistered]

Re: Closing my NY small business corporation

It only takes about an hour or less to close down an an inactive corp.

Why leave a ticking time bomb there when you can do it the right way.

[ThirdChild]

Did you resolve all your problems regarding taxes?

[Wendyp]

It's regrettable to hear that a long time ago you closed your business. We have to understand that opening a business in NY is very hard because the market is full of whales that eat us. Anyway, it's not the best market to join at the moment. I have a small business there where I sell doors. I survived in 2017 because of https://factorforyou.com/florida-factoring/. These guys found me the best factory to work with that helped me with the production at a very accessible price. I think they are still can find you the best opportunities for your business.

[olive]

I’m not sure that information really fits into this discussion, but OK I guess.

[Guest]

Re: Closing my NY small business corporation

Usually they just let it die. No big deal.

As long s you don't have any significant income.

That's what happened in my case, they just administratively closed it down and it was all over.
I never really did any business with the LLC.

[Guest]

Same here except they did send me a few tax notices for about a year.
They it all ended.
I assume they can't come after me personally for that. ...??

[Lexus]

Usually they do not-- fortunately for you-- but technically, legally the officers and directors could be required to pay.
Most states do not do that--they just administratively close the entity.
That is not true outside the US where such responsible parties ARE often held to pay those types of fees due.