My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Finance

Do I have to file back taxes on my inactive corporation?

min read
Opinions expressed by Entrepreneur contributors are their own.
Even if your corporation earned no income, many states have what they call "minimum franchise taxes." This is like an annual fee/tax for the privilege of being able to say you are an incorporated entity in the state.

There are also reporting requirements, like filing annual taxes -- again, even if just to show that you did no business. Once formed, a corporation has ongoing maintenance requirements even if you're out of state and not using it. Speak to a local accountant familiar with business issues to see if there's a way to streamline the tax filing process (in light of the lack of activity) and to avoid any penalties and interest that might have accrued.

More from Entrepreneur

Kim's expertise can help you become a strong leader, pitch VCs for capital, and develop a growth strategy.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.
Start My Plan

Latest on Entrepreneur