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1120

RAM
Level 2

My client went out of business in 2019 filed final 1120 and state and city tax return. Now buying business can I use same corporation

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6 Replies 6
abctax55
Level 15

Your *client* should determine if said Corp was appropriately dissolved.

You should also do some research and advise your *client* of the potential liability if a corp/business is acquired via a stock purchase.

(I wanna be a member of the pot stirring club too)
qbteachmt
Level 15

"Now buying business"

Perspective helps, and words help. Now is When? Who is buying? What is being bought?

For the Business being bought, is this buying a business (different than what got closed) or the business that was closed; which business is this? The business the corporation used to own and operate is being Bought? Or, a Person that is a shareholder in the now defunct corporation wants to buy a different business? Who is buying, who is selling?

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"Level Up" is a gaming function, not a real life function.
IRonMaN
Level 15

"can I use same corporation"

No, but your client maybe can.  As the alphabet lady noted, kinda depends on whether the old corporation was actually killed off with your State.  Secondly, is a corporation the right fit for an entity type?  Thirdly, if the old corporation was shut down, do you really want to bring it back from the dead?  Are there skeletons in its closet that could come back to haunt the client somewhere down the road?  


ACME trench digging shovels on sale this month
RAM
Level 2

No it is not closed by state. In NY we have to dissolve by filing dissolution form and paying fee. So it is still active. Has no other problem. only thing is that I filed final 1120 and state and city final tax returns

abctax55
Level 15

 "....I filed"

You, or your client?

(I wanna be a member of the pot stirring club too)
qbteachmt
Level 15

@RAM 

 

You asked the same topic again. You never came back here to Answer the details we are looking for, to be able to be more help to you.

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"Level Up" is a gaming function, not a real life function.
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