What is the name of your state? NY
My boys have an LLC company and one business entity of this company is now defunct. There is a lawsuit pending to recover initial investment and past due earnings and damages from owner. Partnership is still functioning.
How is this defunct business handled for fed. tax purposes and what happens if they recover the initial investment? And what can they do with the recovered money?
The assets are held hostage by owner but when available will be transferred to the ongoing business. How do they treat these assets.
My boys have an LLC company and one business entity of this company is now defunct. There is a lawsuit pending to recover initial investment and past due earnings and damages from owner. Partnership is still functioning.
How is this defunct business handled for fed. tax purposes and what happens if they recover the initial investment? And what can they do with the recovered money?
The assets are held hostage by owner but when available will be transferred to the ongoing business. How do they treat these assets.