Final schedule C for closed LLC

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ketanco
Posts: 108
Joined: Wed Jul 24, 2013 7:09 pm

Final schedule C for closed LLC

Post by ketanco » Thu Mar 22, 2018 2:56 am

I am doing a schedule C one last time for the LLC I owned as single owner and closed at the end of 2017.
Do i need to show the end of year inventory as the inventory value at the close date of business? Or, since I was the only owner and now everything that was in LLC inventory is automatically mine personally, it means I have to make it zero as end of year inventory? But if I make the second option, I cannot deduct the renewal and maintenance costs for the inventory, which was still being used in my online business during the year , so I guess the first option makes more sense right? By saying inventory I am talking about domain names here, which were in LLC name and now in my name but I guess this question can apply to any type of inventory.

Also I see no place to indicate on schedule C that this is the last return for my LLC. Should I write the name of my LLC and near it, in paranthesis (Final Return. Closed in 2017)?

RudyS
Posts: 1330
Joined: Tue Oct 27, 2015 10:11 am

Re: Final schedule C for closed LLC

Post by RudyS » Thu Mar 22, 2018 4:23 pm

Not an answer to your question, but a heads-up. I "closed" an LLC in Michigan a while ago. I simply stopped filing schedule C, there was no inventory. BUT, to actually have it closed, Michigan required some forms to be filed with the State Franchise Board. I don't know the legal ramifications here.

ketanco
Posts: 108
Joined: Wed Jul 24, 2013 7:09 pm

Re: Final schedule C for closed LLC

Post by ketanco » Thu Mar 22, 2018 4:56 pm

RudyS wrote:
Thu Mar 22, 2018 4:23 pm
Not an answer to your question, but a heads-up. I "closed" an LLC in Michigan a while ago. I simply stopped filing schedule C, there was no inventory. BUT, to actually have it closed, Michigan required some forms to be filed with the State Franchise Board. I don't know the legal ramifications here.
yes i already went through the state division of revenue system online and followed steps, paid a closing fee and formally closed it there

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