Hi - I’m closing or transferring to a partner the company as it made no money and spend through most of its initial investment. I realized tax was never set up. Business was open 10/2023-4/2024 LLC is cancelled with under $3500 all out of state. What should I do before closing?
If all of your sales were out of state, then you will owe no sales tax to those states.
As far as income taxes, I am not an expert there so I am uncertain. But not having set up your Shopify sales tax collection is fine as long as you didn’t sell to any states where you had inventory/employee/warehouse, etc.
Gotcha and if I inventoried part of time I need to pay for that? Does
Shopify file something with state that I need pull to see amount or is that
all on me?