Filing a final return for partnership

Discussion in 'Tax' started by 20vtguy, Apr 4, 2010.

  1. 20vtguy

    20vtguy Guest

    We want to file a final return for our partnership. It is general
    partnership with just me and my friend. We have not done any business
    this year and not much last year. We filed a 1065 for 2008. Do we
    simply file a 1065 for 2009 and mark it final or do we have to file a
    1065 for 2010 as well and mark it final instead.

    Thanks in advance,
    Adam

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    20vtguy, Apr 4, 2010
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  2. 20vtguy

    Wallace Guest

    "20vtguy" <> wrote in message
    news:...
    > We want to file a final return for our partnership. It is general
    > partnership with just me and my friend. We have not done any business
    > this year and not much last year. We filed a 1065 for 2008. Do we
    > simply file a 1065 for 2009 and mark it final or do we have to file a
    > 1065 for 2010 as well and mark it final instead.



    If the partnership did its last business in 2009, and its affairs wound up
    in 2009, 2009 was its last tax year. In that case, you wouldn't need a 2010
    tax return.

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    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2007) - All rights reserved. >>
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    Wallace, Apr 4, 2010
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  3. 20vtguy

    Guest

    On Apr 4, 1:09 pm, 20vtguy <> wrote:

    > We want to file a final return for our partnership. It is general
    > partnership with just me and my friend. We have not done any business
    > this year and not much last year. We filed a 1065 for 2008. Do we
    > simply file a 1065 for 2009 and mark it final or do we have to file a
    > 1065 for 2010 as well and mark it final instead.


    Not sure about your state, but in California: You have to file a
    certificate of dissolution with the secretary of state
    http://www.sos.ca.gov/business/be/faqs.htm#form-question9. All LLC's
    pay a minimum tax of $800, even if there was a loss. So assuming you
    attempt to dissolve your LLC this year, you have to pay $800 tax for
    2010, and file a tax return for 2010 by 4/15/2011, and you should pay
    the tax in 2010 so that you can deduct it on your personal tax return
    (I'm not sure what happens if you pay the tax in 2011 when the LLC is
    already dissolved). LLC's also have to file a annual statement of
    information due I think on Jan/31 every two years and the fee is $20.
    So that's a deductible expense. If you paid this fee in 2010 your LLC
    still existed in 2010, and so a return should be filed so that you can
    deduct this expense. When you file your 1065 return you should check
    the box Final.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2007) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    , Apr 5, 2010
    #3
  4. "" <> wrote:
    > 20vtguy <> wrote:
    >
    >> We want to file a final return for our partnership. It is
    >> general partnership with just me and my friend. We have not
    >> done any business this year and not much last year. We filed a
    >> 1065 for 2008. Do we simply file a 1065 for 2009 and mark it
    >> final or do we have to file a 1065 for 2010 as well and mark it
    >> final instead.

    >
    > Not sure about your state, but in California: You have to file
    > a certificate of dissolution with the secretary of state


    A general partnership is not required to, but may do so. Under some
    circumstances it is to the partners' advantage to do so.

    > So assuming you attempt to dissolve your LLC this year, you have
    > to pay $800 tax for 2010, and file a tax return for 2010 by
    > 4/15/2011,


    He said general partnership, not LLC, or even a limited partnership,
    which is what your information applies to.

    --
    Stu
    http://downtoearthlawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2007) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    Stuart A. Bronstein, Apr 5, 2010
    #4
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