How journal dissolving a Sub-chapter S?

[David Kolb]

Not sure who you mean by WE but I understand your concern. I'm a big boy and
I'm not looking for legal advice and will take responsibility for my own
actions. That said, I was hoping some accountant types could give me some
clues or point me to some references. IOW, gave me their "opinion" and not
their "advice", or pointed me to some references. I would appropriate
caveats along with any opinions or references. Also, I'd like to have a
pretty good idea how it worked before talking to an accountant to review the
books. Dave

-----Original Message-----
From: Mike or Penny Novack [mailto:stepbystepfarm at mtdata.com] 
Sent: Monday, March 11, 2013 6:01 PM
To: CodeSlinger
Cc: gnucash-user at gnucash.org
Subject: Re: How journal dissolving a Sub-chapter S?

CodeSlinger wrote:

>I'm a new GC user on Win7, and think GC is great, as I disliked 
>QuickBooks for various reasons. I am also currently organized as a 
>Subchapter-S that is idle since I am working full time for another 
>company that I am part owner in. I am considering dissolving (and later
just being a SP or maybe an LLC).
>I took no pay or dividends in 2012 or 2013, and just pay but no 
>dividends in
>2011 and all payroll for 2011 were paid. So after paying corporate 
>taxes for
>2012 this week, assets will consist of retained earnings (checking) and 
>fixed assets of some furniture/equipment (expensed for 2011), and the 
>car and negative accumulated depreciation related to the car.
>
>If I dissolve the corporation, and want to close the books, what should 
>happen to the assets from an accounting standpoint? ....
>

We are NOT "competent" to give accounting advice of this sort. If you tell
me that you would know how to properly close down an S corporation were you
doing the accounting the old fashioned way pen and ink on paper we could
tell you how to do it using gnucash. That's HOW to do but not WHAT to do.
This is serious, there could be all sorts of legal and tax consequences if
you did it wrong.

Get competent advice (an accountant familiar with S corporations).

Michael D Novack