Unfortunately, we are getting asked this question a lot at the moment. If you just walk away from your company, this can have negative future consequences, so we strongly recommend winding it up properly. The process is similar whether it is a limited liability company or a limited partnership.
Here's what we do:
- Prepare final accounts and tax returns
- Account for all Business Assets
- De-register your tax types with IRD such as GST.
- Confirm your Beany fees and advise if there is a balance to pay, or a refund due to you.
- File all your tax returns and advise you of all tax owed, and apply for a letter from IRD confirming they have no objections to the company being removed.
We'll need your help to gather the following information:
- The date the company intends to wind up
- The reason for winding up the year the final returns will be for and when they'll be filed, if not already filed
- Whether the company still has any assets and what will happen to them
- Whether any assets have been distributed to shareholders or directors or any other person/entity for less than market value (including debt forgiveness) and if so, provide relevant details
- A copy of the profit and loss account and the balance sheet up to date of winding up
- If there are any outstanding returns or debts, and what is being done about paying them
- The contact person/director/agent for any future enquiries any other relevant information - then send the letter to Inland Revenue, Box 39010, Wellington Mail Centre, Lower Hutt 5045.
If you are ceasing part way through the financial year, please note we won't be able to file final tax returns with the IRD until this financial year has finished.
Please talk to us about your specific situation so we can help you at email@example.com.