Closing A Company? Or Better To Sell?

[LazyCat]

Hello everyne!!!

I'd like to ask those who have done it or have real knowledge about how it works, we have an export company it was established in 1993 and had some business till later year when I decided to have kids and my mother is not a real business woman, she struggled but it's clear that she cannot do it now that she is 63.... we have nobody in our family that is willing to deal with this, so we have hiered an accountant 2 years ago to close the company, they said it should take 3 years of no business and only then you can close...

now the accountant that we have got married and blah blah blah all the job is on her employees that seems to be not so good in understanding what they do...

I am still left with the question HOW TO CLOSE the company as all these years our accountant manages to show some business activity and even profits !!! and now by her reports we even have some stocks ( which we do not have for a year at least ) I can feel that our accounting is all messed up, and it makes me want to finish with this even more...

the company has assets among the rest- condominium which is the office for the company, 7 shareholders are our thai "friends" and our family.

I don't know if there is an option to sell the company... sell the condo together with a company( ??? ) if there is it could be another way to finish with it.

please help ....

[rowley]

Hello everyne!!!

I'd like to ask those who have done it or have real knowledge about how it works, we have an export company it was established in 1993 and had some business till later year when I decided to have kids and my mother is not a real business woman, she struggled but it's clear that she cannot do it now that she is 63.... we have nobody in our family that is willing to deal with this, so we have hiered an accountant 2 years ago to close the company, they said it should take 3 years of no business and only then you can close...

now the accountant that we have got married and blah blah blah all the job is on her employees that seems to be not so good in understanding what they do...

I am still left with the question HOW TO CLOSE the company as all these years our accountant manages to show some business activity and even profits !!! and now by her reports we even have some stocks ( which we do not have for a year at least ) I can feel that our accounting is all messed up, and it makes me want to finish with this even more...

the company has assets among the rest- condominium which is the office for the company, 7 shareholders are our thai "friends" and our family.

I don't know if there is an option to sell the company... sell the condo together with a company( ??? ) if there is it could be another way to finish with it.

please help ....

Fire your accountant after you get all the documentation you need from her and hire another accountant that can correctly advise you on procedure.

If you attempted to sell your company would you only be looking to sell assets or would you be looking to find someone to buy the corporation? The downside to a prospective buyer is that you are 90% closed already.

[LazyCat]

well I was writing a lot till my baby turned off the computer... nothing got saved to to make the story short, this iss not the first accountant like this we are trying to close since 2005, changed 3 accountants all saying they can do and later they can't, all saying tha last accountant was sooo bad and they are the masters of their business ( if that's getting paid for nothing then they did not lie )

so the question still stands to close the company.

as for assets... the accountant told us that we can only sell by market price and then if we do we have to pay 30-% tax as the income from the sell would be a additional income for the company that is taxed at 30%... firstly I don't think we'll be able to sell at market price now when everyone struggling to sell at any price, and then I don't think I'll be so happy to give up the third of it for tax.... that's a lot of money ( estimated value of the condo is 25-30 mil. bht)

and the last one even if we sell the assets how to take the money out of the country ???

it's crazy but it feels like I am stuck with this company, it has no profits or income whatsoever , we still have to pay all the taxes ( for the supposed workers ) and accountant fees monthly.. it's a definite burden as I have no plans in staying in thailand ....so it's a family @asset@ that I really do not wish to have...

[Datsun240Z]

Just declare yourself bankrupt on paper.

[mortenaa]

2 years?? First of all just google it, and you will find all the answers you need. If you don't know how to do that, just call ex Sunbelt Asia 026420213, and after 6 weeks and a 50,000 baht or so your company should be shut down.

[junkofdavid2]

Do NOT sell your company unless you are 100% super sure that your records, transactions, etc. are 100% squeaky clean and by the book (as if there is such a thing in Thailand).

The new shareholders can civilly and/or criminally charge you for negligence/fraud/etc. after you've left for damages and/or "unpaid" obligations incurred while you were the owner/director/etc.

[Richard4849]

Just declare yourself bankrupt on paper.

From what I understand, this is not possible in Thailand.

A corporation can only be declared bankrupt by the court -- after the corporation has been sued by a creditor or creditors.

That's my understanding, anyway...I could certainly be wrong.

I agree, though, that the original poster should fire their accountant. A company can be legally wound up and its accounts settled at any time.

The three-year thing is how long it takes for a company to be declared DORMANT and have its license revoked by the Ministry of Commerce if it goes silent (and does not file its annual accounts).

[LazyCat]

Just declare yourself bankrupt on paper.

From what I understand, this is not possible in Thailand.

A corporation can only be declared bankrupt by the court -- after the corporation has been sued by a creditor or creditors.

That's my understanding, anyway...I could certainly be wrong.

I agree, though, that the original poster should fire their accountant. A company can be legally wound up and its accounts settled at any time.

The three-year thing is how long it takes for a company to be declared DORMANT and have its license revoked by the Ministry of Commerce if it goes silent (and does not file its annual accounts).

thank you guys!

I will try to call sunbelt... I am just really tiered that everyone we meet is trying to say turn to us we will do what you want but then nothing happends and we just end up paying money for empty promisses...

I don't know what our accountant is doing now but even it does not look like making our company DORMANT AS she does makes yearly balance sheet.... ( I was realli tempted to say "balance sh!t " coz I think it is total mess )

well lets see what the sunbelts will say...

we one tried to turn to world renouned accounting company but they said they don't deal with small companies and their monthly charge was really not for the small ones....

the "6 weeks and a 50,000 baht" promise does sounds good!