NY Business Bankruptcy, no asset, no activity
What is the name of your state (only U.S. law)? NY
I opened a C-Corp in 2007 to go into food business, but due to a chain of events right after it (started with an unexpected baby right after submitted the paperwork), I total forgot that I have an C-Corp that is opened. Nothing was ever done to it, no business account, no asset or anything. No tax was ever file. I also moved out of state. I've only find out because my parents still live in the business's registered address.
I was going to file all the tax and then close it, but my tax accountant told me the minimum franchise tax in NYS and NYC were $800 and $300 for 2007, then in 2008, $25, $300. 2009 on is $29, $25. The franchise fees plus reinstall, then closing fee will be almost $2,000.
My question is, will it be cheaper just go thought a business bankruptcy and close it?
Thanks
What is the name of your state (only U.S. law)? NY
I opened a C-Corp in 2007 to go into food business, but due to a chain of events right after it (started with an unexpected baby right after submitted the paperwork), I total forgot that I have an C-Corp that is opened. Nothing was ever done to it, no business account, no asset or anything. No tax was ever file. I also moved out of state. I've only find out because my parents still live in the business's registered address.
I was going to file all the tax and then close it, but my tax accountant told me the minimum franchise tax in NYS and NYC were $800 and $300 for 2007, then in 2008, $25, $300. 2009 on is $29, $25. The franchise fees plus reinstall, then closing fee will be almost $2,000.
My question is, will it be cheaper just go thought a business bankruptcy and close it?
Thanks
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