I need accounting advice I opened up a construction company in 08' and we stopped doing business in early 2010. I have filed a tax extension. I spoke to two accountants that gave different advice. One said to do nothing and it willjust "die" I don't want to get into bigger problems later for this. The other said pay the taxes to date and file a company dissoultion form. To be honest money is tight as I put my money into the company, still I need to the know the best way of going about this.

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Originally Posted by harington1

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• One said to do nothing and it willjust "die" ...
• the other said pay the taxes to date and file a company dissoultion form.

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They are both right. If, after several years without the semi-annual, or annual (depending on which state) reports being filed, the state of incorporation will dissolve the corporation.

But this may not absolve you of personal liability (possible, perhaps, in some states) for taxes. That's why it might be a good idea to pay the taxes which are due. I don't know if there is a "company dissolution form", though.