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If circumstances arise that force a business to close its doors, there are certain tax responsibilities that must be adhered to as part of the closure process.
In general, a business is required to file a final tax return. This return must indicate that the return is a final return (many tax forms have a box provided for that purpose).
If the business is an establishment that sold, distributed, or manufactured alcohol products, the liquor permit must be transferred or disposed of.
Cigarette dealers are subject to a final inventory of both tax stamps and cigarettes. A refund is available from the Ohio Treasurer of State for unused stamps. Cigarette wholesalers and distributors are also required to file a final tobacco Master Settlement Agreement report that details the inventory sold in a monthly period.
A corporation that ceases to do business in Ohio and no longer owns any property in the state is required to file a final "exit income tax form" (PDF) and check the appropriate block on the front of the form, then attach it to their final corporation franchise tax return and pay tax on any net income that was not reported on a prior return.
Corporate taxpayers are also required to file a Notification of Dissolution or Surrender (PDF)with the department.
For more information specific to the type of taxes owed by a particular business, see "Closing a Business" in the appropriate section of the Ohio Business Tax Guide.
If additional assistance is needed regarding tax issues for a business that is closing, contact the Ohio Department of Taxation’s Business line at:
(888) 405-4039
Closing a Business – Required Procedures for Secretary of State
The Ohio Revised Code requires different procedures and forms to be filed with the Ohio Secretary of State's office in order to dissolve or otherwise close down a business in Ohio. In order to get the appropriate forms and instructions, please call the Secretary of State's Customer Service Staff at (877) SOS-FILE or e-mail them at BusServ@sos.state.oh.us or visit the Secretary of State Web site at www.sos.state.oh.us.
Please be prepared to provide the following information when contacting the Secretary of State's office:
The Secretary of State’s Web site contains information about filing the required forms, forms that are available as fill-in forms in both PDF and Excel format, and a Filing Forms/Fee Schedule that lists all of the available forms, the filing fees, and mailing addresses. Also on the Web site are searchable databases of filings for corporate status and under the Uniform Commercial Code (which shows outstanding business loans and what was used as collateral). In most cases, the database displays the images of the actual filings.
