Implications of liquidating
No other adjustment like deemed dividend shall be made. Capital gain on distribution of assets to the shareholders is chargeable in his hands in the year in which the assets is distributed to him. Since the dividend is exempt in the hands of shareholders the company is liable to pay dividend distribution tax @ 12.5% 10% surcharge 2% education cess u/s 115O.
If you’re the director of a limited liability company that goes into liquidation, you face little risk – provided that you’ve acted properly and in good time – but there are a number of consequences that you need to be aware of.
A disqualified person needs permission from the court to act as a director or to take part in promoting, forming or managing a company.
As a director of a company that entered Compulsory Liquidation or Creditors’ Voluntary Liquidation, you’ll be banned for five years from involvement with any company or other type of business with the same – or similar name – to the failed company.
While there are some differences, the S corporation basis system is similar to the rules that apply to partnerships.
The tax consequences of distributions by an S corporation to a shareholder depend on the shareholder’s basis in the S corporation stock.
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But where the asset is sold in the open market and cash is distributed to the shareholder then Sec 46(1) does not get attracted for the purpose of Sec.45.When a liquidator is appointed, most of your powers as a director will cease.
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