How Do I Close an S Corporation in Wisconsin? Dissolving a Wisconsin S-Corp

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To dissolve an S-Corp in Wisconsin, follow these essential steps:

  1. File dissolution paperwork with the Wisconsin Department of Financial Institutions.
    • File Form 10, Articles of Dissolution.
    • Submit the original and one copy.
  2. Pay any taxes owed to the IRS and Wisconsin Department of Revenue.
  3. Cancel licenses, permits, and accounts.
  4. Cease business operations.
  5. Notify all creditors in writing of the business closure.
  6. Settle all debts and liabilities.
  7. Liquidate assets and property.
  8. Ensure compliance with state business codes.

Tax Considerations

  • A Wisconsin S corporation may pay franchise tax on income from interest.

Legal Closure and Liquidation

  • Distribute and sell assets and property as part of the liquidation process.
  • Obtain approval from the Department of Financial Institutions to finalize dissolution.
  • If delinquent, pay back fees when dissolving.

Shareholder Vote

  • Conduct a shareholder vote to approve the dissolution.
  • Follow the unique steps based on your business structure. An LLC taxed as an S-corp must file Form 8832 and 2553.

How do I request to close my tax account in Wisconsin?

To request the closure of your tax account in Wisconsin, file Form 10, Articles of Dissolution with the Department of Financial Institutions, pay any outstanding taxes, and cancel any relevant business licenses, permits, and accounts.

What is the first step that must be taken to terminate a corporation?

The first step in terminating a corporation in Wisconsin is to file dissolution paperwork with the Wisconsin Department of Financial Institutions, specifically Form 10, Articles of Dissolution.

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