club_cafe: Re: How do you disband a club?

iras1 on

In a message dated 5/17/2005 7:27:04 P.M. Eastern Daylight Time, vkrodriguez@bivio.com writes:

Exactly what steps do you take in the Bivio software to
disband a club?

Basically the same procedure as discussed in those articles.

Sell all stocks that you aren't distributing to members.

Record any dividends for stocks that are currently ex-dividend but pre-payment date.

Record any close-up expenses such as printing and postage for your final tax return, additional bivio subscription cost if you'll need to renew in order to get access to the 2005 tax software, and any state costs for dissolving your partnership.

Then process withdrawals for each member.

Ira Smilovitz

Paul Moeller on

IraS1@aol.com wrote:
> Record any close-up expenses such as printing and postage for your final
> tax return, additional bivio subscription cost if you'll need to renew in order
> to get access to the 2005 tax software, and any state costs for dissolving your
> partnership.

We now support short-year tax returns for no additional fee, so if
your club disbanded in 2005, you can prepare the final federal tax
return from the Accounting / Taxes page after entering the member
withdrawals.

Paul Moeller
bivio, Inc.

Jennifer Bonar on

Ira,

Our club did a short return today and we noticed the Form
1065 is 2004 with a tax year beginning 12/31/2004 through
and ending date 7/8/2005. Also, the K-1's show this same
information. Is this the way they are supposed to look?
Thanks,
Jennifer

Paul Moeller wrote:
> IraS1@aol.com wrote:
> > Record any close-up expenses such as printing and postage for your final
> > tax return, additional bivio subscription cost if you'll need to renew in order
> > to get access to the 2005 tax software, and any state costs for dissolving your
> > partnership.
>
> We now support short-year tax returns for no additional fee, so if
> your club disbanded in 2005, you can prepare the final federal tax
> return from the Accounting / Taxes page after entering the member
> withdrawals.
>
> Paul Moeller
> bivio, Inc.

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