Hello Experts,

Could someone please tell me what happens when one wishes to close/shutdown an S-corp, that continues to have an Accounts Payable
balance, even after the cash balance has been made zero by paying off
all its liabilities, notes, loans, etc.

Can this A/P be simply written off? Or, does something special need to be done to account for this A/P balance? Does it depend on the amount of the balance (large 10s of K, versus small (few thousand))?

My basic confusion is, how does one close an S-corp that has an A/P balance?

A related question is how does one close an S-corp that has a liability remaining (e.g. a loan say), even after it's cash account has been zeroed out?

Any inputs/guidance will be highly appreciated!

Thanks