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Form 966 online Nashville Tennessee: What You Should Know
It is also the way the federal agency can transfer ownership of the business to you, the sole shareholder without the transfer of corporate assets. The Internal Revenue Bulletin (IRB) for 2023 explains that when you are closing down a business with S corporations, certain IRS procedures are used to transfer ownership of the business for a period ranging from six months to 10 years. In these situations, the IRS considers you to be a new owner of the business upon closing and will not require you to register the business with the state. What can you do when you file Form 966 for the purpose of consolidating a business? When you file and pay the required fee, the federal agency will issue a Certificate of Dissolution or Liquidation. The Certificate of Dissolution / Liquidation states that the S corporation has been dissolved or liquidated and records the business's business number (the number on the S corporation's corporate charter), its records and documents, and the names of all partners and shareholders if a partner or shareholder has been replaced by another person. It will also record the date of dissolution or liquidation and whether there has been any change in ownership. Upon filing the Certificate of Dissolution, the federal agency will give you the right to own the remaining shares owned by the company, but it will not give you the right to be the sole owner of the business. For example, the federal government could give the certificate to another person, but that person will not own all the shares owned by the company. The Certificate of Dissolution / Liquidation must be filed in all states where the business is active and also in Tennessee if the business is active in only one state. In all states, a corporation with more than 100 shareholders, a joint-stock company or a limited liability company, must have their name on an official notice of dissolution or liquidation placed in a “notice to stockholders” form by the state corporation registration office or register of the state with the Secretary of State within 20 days of the date of filing their Certificate of Dissolution. Form 966 Corporate Dissolution or Liquidation — Taxpayers — IRS Notice To Stockholders — Form 956; Form 5498 The Company File. Notice To Stockholders. U.S. Tax Form 540-C If you are the sole stockholder of a corporation, you will often be referred to on Form 5498 as “your employee” or “your agent” on the Notice to Stockholders.
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