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Forming a C corporation was once the only way the owner of a small business could shield himself from the debts and liabilities of the company.Other forms of ownership, such as limited liability partnerships, have replaced the traditional C corporation structure for many small businesses.The final corporate tax return is due no later than the 15th of the third full month after the dissolution, which is also the due date for any corporate income tax due.Jeffrey Joyner has had numerous articles published on the Internet covering a wide range of topics.A limited liability company, or LLC, has significant tax advantages over a C corporation.A C corporation pays corporate income tax on its earnings, and then shareholders pay personal income tax on distributions.The company was “administratively dissolved” some time after, for example, effective January 25, 2008, due to its failure to timely pay state franchise taxes.

Upon liquidation, any gain on the sale of assets will be passed to the shareholders.Statements are normally issued to shareholders listing the fair market value of all assets distributed.The company must file a Form 966, "Corporate Dissolution or Liquidation," with the IRS.The anomaly is corporate dissolution without liquidation.In the ruling, a corporate taxpayer had been incorporated in a state on a particular date, let’s say January 19, 2007.

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