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If you don't pay your Arkansas Franchise Tax for three years, your LLC will enter revoked status.
An S-Corp may also lose its status at the death of a principal shareholder if such a shareholder leaves his or her shares to new owners where the total shareholder count of the S-Corp exceeds 100. If so, the new shareholders would fail to become qualified owners and thus cause the S-Corp to lose its status.
Corporation Filing Requirements (Includes S Corporations)You must file Form 966, Corporate Dissolution or Liquidation, if you adopt a resolution or plan to dissolve the corporation or liquidate any of its stock. You must also file your corporation's final income tax return.
If business owners want to revoke the S Corp election retroactively to the first day of their tax year, they must submit their statement by the 16th day of the third month of the tax year.
Is there a filing fee to dissolve or cancel an Arkansas LLC? There is a $50 filing fee to dissolve your Arkansas LLC. The minimum final franchise tax for LLCs is $150.
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)
An S-Corp is subject to the same tax rules that apply to the distribution of C-Corp assets when it closes. In other words, both the corporate entity and its shareholders must recognize gains or losses from dissolution.
When an entity loses its S corporation status, the entity becomes treated for U.S. federal tax purposes as a C corporation. In general, the S corporation's tax year is deemed to end the day before the failure to adhere occurs and the C corporation's tax year begins on the day of the failure to adhere.
How do you dissolve an Arkansas Corporation? To dissolve your Arkansas corporation, submit a completed dissolution form to the Arkansas Secretary of State, Business and Commercial Services (BCS) by mail or in person. You cannot file Arkansas articles of dissolution online.
To dissolve an LLC in Arkansas, simply follow these three steps: Follow the Operating Agreement. Close Your Business Tax Accounts....Step 1: Follow Your Arkansas LLC Operating Agreement.Step 2: Close Your Business Tax Accounts.Step 3: File Articles of Dissolution.