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Old 11-26-2017, 11:06 AM   #1
Talll394
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Default Closing my NY small business corporation

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.
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Old 11-26-2017, 11:35 AM   #2
adjusterjack
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Default 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
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Old 11-27-2017, 11:09 AM   #3
Lexus
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Default 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.
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Old 11-27-2017, 11:51 AM   #4
adjusterjack
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Default Re: Closing my NY small business corporation

Quote:
Originally Posted by Lexus View Post
if you decide to abandon it there is no serious consequences.
Other than what the state's website says there is.

Jeez.
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Old 11-27-2017, 10:54 PM   #5
ada77
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Default 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.
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Old 11-27-2017, 11:01 PM   #6
Highwayman
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Default Re: Closing my NY small business corporation

Quote:
Originally Posted by ada77 View Post
Usually they just let it die. No big deal.
Usually? Where are you getting your stats from?

"They"? Who is "they"?
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Old 11-28-2017, 10:44 AM   #7
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Default 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.
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