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"Regardless of if I talked to a professional, I'd actually have to pay the same amount to dissolve this entity." Really? There is a reason companies like G.E.

"Regardless of if I talked to a professional, I'd actually have to pay the same amount to dissolve this entity." Really? There is a reason companies like G.E. (http://online.wsj.com/article/SB10001424052748704530204576235090332473366.html http://online.wsj.com/article/SB1000142405274870453020457623...) legally pay essentially no federal taxes. Because there are sophisticated lawyers and accountants (a.k.a. professionals) who figure out how to shift the law to their advantage. For example, there may be laws in place that allow you to write-off of the dissolution of your business against your personal income taxes. Or perhaps there is a way to file a grievance with the state to prevent having to pay the dissolution fees, based on some statute pertaining to small companies. However, you won't ever know, because you don't want to talk to a professional. Recognize that you're in this situation in the first place because you didn't want to talk to a professional. Now, as the situation has escalated, you still don't want to talk to a professional. This does not bode well for your future business dealings. There are law firms that do work for free for start-ups. I'm guessing one of your friends from high school or college is a lawyer at one of these firms. Reach out to the people you know, and figure out how to leverage your connections to get some professional advice. Remaining ignorant is not the solution to this problem.

bugsy 16y ago
GE is incorporated in New York not Delaware. GE pays NY state franchise taxes not Delaware. Overall, GE paid $2.7 billion in income tax in 2010 and over $1 billion in payroll, state and local sales and property taxes.
- rosenjon 16y ago
  Ok, but what's your point? On $19 Billion in profit, they paid no federal income tax. I made substantially less than $19B last year, and I paid both state and federal income tax. Also, if you read the article I posted on G.E., it talks about how you can write off up to $10,000 in start-up costs on your taxes. I think this may be for the company, not the individual, so maybe that doesn't help in a dissolution. However, my overall point was simply that professionals know about all these loopholes, regular Joe start-up guy does not. So go see someone who knows what they're talking about.

bugsy 16y ago

GE is incorporated in New York not Delaware. GE pays NY state franchise taxes not Delaware. Overall, GE paid $2.7 billion in income tax in 2010 and over $1 billion in payroll, state and local sales and property taxes.

rosenjon 16y ago
Ok, but what's your point? On $19 Billion in profit, they paid no federal income tax. I made substantially less than $19B last year, and I paid both state and federal income tax. Also, if you read the article I posted on G.E., it talks about how you can write off up to $10,000 in start-up costs on your taxes. I think this may be for the company, not the individual, so maybe that doesn't help in a dissolution. However, my overall point was simply that professionals know about all these loopholes, regular Joe start-up guy does not. So go see someone who knows what they're talking about.