how do I close an sub S corporation

1. file final 1120S
2.  Dissolve with the secretary of state of ohio

I guess I have been missing the boat for years.  Usually my clients just let the Minnesota Secretary of State know they are closing up shop, I never realized they also had to do some paperwork with Ohio’s Secretary of State. 😉

But with that said, you mention that the corp had no income or distributions, but were there any assets sitting in the corp?

THANK YOU FOR YOUR REPLY.  NO ASSETS, THERE IS LOANS FROM SHAREHOLDERS OF $33,716, AND

RETAINED EARNINGS OF ($33,716.).  HOW DO I ELIMINATE BOTH.

Convert the loans to equity to wipe out the negative equity.

HOW?

Journal entry -

debit shareholder loan

credit equity

Have the loans’ bases been reduced due to usage against AAA losses? The loan on the B/S might show one number but the bases of the loans might not be that amount.

First, have the shareholders dissolved it under state law? Even a corporation with no income or expenses must file returns.  It might come back to life.