This content has been marked as final. Show 4 replies
The better way is keeping it open. Because in the future if you want credit from vendor or other he can see you are in business more than 2 years.
Keep S-Corp open, Good luck with your new opportunity.
Once you have formed a Corp, it is easier to keep it open.
YES you have to file a Corp Tax Return yearly with no payment due to the I R S.
However you might have to pay the State a Minimum Tax.
Good luck, LUCKIEST
I agree. Keep the S-Corp active by filing zero tax returns. If you live in a state with franchise taxes, you may have to pay this tax annually to keep the company active.
you can keep it open just in case you want to go back to it, and if you dont want to start all over again, or you can sell it to these shelf aged corporation buying/selling firms. there's alot of business people that are looking to buy established aged shelf corps.
Go to original post
Reply to original post
I started a S-Corp 2 years ago. I am an independent consultant for the medical field. However, I recently had an opportunity presented to as that I couldnot pass up, but in order to take the opportunity, I had to take it as a full time employee. So my S-Corp is just sitting there for now. Is it ok to let my S-Corp sit as long as I continue to file and pay the necessary forms and fees for the government (just reporting zero income) until I this opportunity ends (1 yr or so) at which time I will resume working under the S-Corp? Or, is it better to close out the S-Corp and start all over when the time comes. I was hoping not to have to go through all of the start-up procedures again.