I have a C corp and I'm closing the business down. When I'm finished paying final state and federal taxes, I'd like to close showing no assets. Save myself from distribution of assets paperwork.
And I thought I had it figured out till I realized I hadn't accounted for the $25.00 in savings which keeps the bank account open. When I close the business checking account, I'll withdraw the $25.00 (minus the final bank service charge). Whatever is left (about $17.00) will show as an asset when I close the business. I'm trying to think of a simple, creative way to get rid of that $17.00 so that it won't show as an asset.
Trying to pay myself and work out the employee and company withholding for this piddling amount is too much of a hassle. The only thing I could come up with is to donate the remaining balance to charity.
If someone has an idea for me, I'd greatly appreciate it.
Thanks,
Russ
And I thought I had it figured out till I realized I hadn't accounted for the $25.00 in savings which keeps the bank account open. When I close the business checking account, I'll withdraw the $25.00 (minus the final bank service charge). Whatever is left (about $17.00) will show as an asset when I close the business. I'm trying to think of a simple, creative way to get rid of that $17.00 so that it won't show as an asset.
Trying to pay myself and work out the employee and company withholding for this piddling amount is too much of a hassle. The only thing I could come up with is to donate the remaining balance to charity.
If someone has an idea for me, I'd greatly appreciate it.
Thanks,
Russ
