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Texas Plan Of Liquidation Form: What You Should Know

To have the form filed, there is a 7 filing fee. The form must be filed with the Secretary of State (SOS) on or before the 15th day of the calendar month immediately before the filing date. For the first day that Form 966 was not filed, the filing fee is waived. Form 966 is a 1040 form that you must file on Schedule B or Schedule C (Form 926). Form 966 also must be included when your business is being investigated for tax, criminal or regulatory deficiencies. It documents the following: When the dissolution was initiated The parties involved The proposed date of dissolution or liquidation If the dissolution was authorized by the state or the federal government (form 926) If the dissolution was at a state agency, the county, or any other municipal or quasi-municipal entity NOTE: Form 926 can be filed electronically using an file account.  Form 966 for a Domestic Entity or Voluntary Dissolution If your business was terminated due to bankruptcy or insolvency proceedings, and is either a limited liability company or S corporation, Form 966 must be filed. For S Corps, there are some requirements. First you need to file Form 39. Then you will have to file a Statement or Petition of Dissolution of a Limited Liability Company.  Or you can use a Schedule C (Form 926) to dissolve  If you want to dissolve a limited liability company while the company is insolvent, Form 39 must be filed first.  If your business is both domestic and foreign, filing Form 39 and Form 966 will automatically send the appropriate IRS Form 1065 to each of the nonresident alien owners of any property held in the business. If Form 966 was filed, Form 39 and Form 1075 will also be mailed to the nonresident alien owners of any property held in the business. Form 39 must be filed in the nonresident alien owners' name. Form 39 will be considered a public document.

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