Closing an S Corp that may have residual income

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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Topic Author
MAYAN1
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Joined: Mon Feb 03, 2025 11:25 am

Closing an S Corp that may have residual income

Post by MAYAN1 »

Hi.
I'm in the entertainment industry and will be retiring soon. We need to close our S corp as it's too costly to keep it going. We presently are incorporated in California but are planning to leave the state. My main question has to do with the fact that we'll still receive residual pay from project done in the past. How can we manage this.
Thanks everyone.
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