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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 want to talk to you two seconds about how you terminate a company and I'm gonna take a very narrow view of this a lot of people have companies they're talked into them at seminars they started my they run the business for two seconds it doesn't work they don't owe anybody money but they've got this little company this corporation this LLC partnership whatever it is and it just sits there another YouTube video we talk about are the liabilities of having it just sit there and there are liabilities so we've made the decision we're gonna shut it down we don't have any creditors we don't know anybody money how do you shut it down now if you owe people money and you're going bankrupt and all this and on the other that's a whole different deal I will give you that but there are lots of people have the small company don't owe anybody money they may have a little money in the bank account take it out of the bank account close bank account and then let's shut the company down you do it two ways you do it the informal way which means you just don't pay any more money no state fees no 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 the way they term it and your company goes into default it goes defunct by definition and it just kind of sits there out limbo state keeps it but it isn't active it's no good the other way you do it is you formally shut it down and each state has a procedure you can go on most states websites...