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Video instructions and help with filling out and completing Failure To File Irs Form 966

Instructions and Help about Failure To File Irs Form 966

Hi Lee Phillips here. I want to talk to you for two seconds about how to terminate a company. I'm going to take a very narrow view of this. A lot of people have companies that they're talked into at seminars. They start it, run the business for a short while, and when it doesn't work, they don't owe anyone money. However, they still have this little company, whether it's a corporation, LLC, or partnership, and it just sits there. In another YouTube video, we talk about the liabilities of having a dormant company, and there are liabilities. So, we've made the decision to shut it down. We don't have any creditors, we don't owe anyone money. How do we shut it down? If you owe people money and you're going bankrupt, that's a whole different deal. I will give you that. But there are lots of people who have a small company and don't owe anyone money. They may have a little money in the bank account. Take it out of the bank account, close the bank account, and then let's shut the company down. You can do it in two ways. The informal way means you just don't pay any more money. No state fees, nothing. When you don't pay the state fee on time, guess what? The state says that you are a bad boy. You're not in good standing, as they term it, and your company goes into default. It goes defunct by definition, and it just sits there in limbo. The state keeps it, but it isn't active. It's no good. The other way to do it is to formally shut it down. Each state has a procedure. You can go on most states' websites, maybe not California, but most states' websites, and you can get a...