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- How to close LLC book and file final return
How to close LLC book and file final return
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skyworks
Level 5
09-06-2022
07:12 PM
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I am filing LLC return for 2021, almost no business activity.
The partner close the business with the state at end of 2021, but there is still $25k left at escrow (Laywer office holding).
The partners asking file final return for 2021, ignor the $25k left.
The $25k will be paid to partner's loan and small amount of expense before end of 2022.
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qbteachmt
Level 15
09-12-2022
02:49 PM
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When you pay into an escrow such as Security Deposit or Law Firm Retainer, that is sort of like a financial institution holding your money until they use it as needed or return it = the LLC asset. Paying it is not an expense and getting it back is not income. Paying on partner loan and some new expense is new activity, so 2021 was not the end of operational activities after all?
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