Many business owners decide that it’s the right time shut down their business for a variety reasons. Sometimes, the decision is made at the end of a lengthy period or after a substantial loss in revenue. Sometimes it’s because the business has no viable financial prospects. Contracts have expired or the market has shifted too quickly to be able to compete.
It’s important that you make the plan and implement it. A professional accountant or lawyer will help you decide on the best method to wind down and eliminate assets and assure that all legal obligations are met. This includes filing dissolution documents and cancelling all registrations permits and licenses, paying off outstanding taxes and closing business bank accounts. Notifying creditors, paying debts, and settling financial obligations are also included.
Other important aspects to consider include the need to inform customers to return deposits for unfulfilled orders. It’s also important to notify employees and give them as enough notice as you possibly can so they can plan their exit. This will keep relationships intact and help avoid unnecessary frustration. It’s also a good idea to gather and analyze documents from your business to effectively close your company’s finances. This includes settling any financial obligations, issuing the final payroll, and closing the credit card accounts of your company (which could affect your personal credit ratings).
After everything is settled, it’s now time to close the company. This requires a variety of tasks and failing to meet even one of them can result in penalties and additional fees. The IRS has an inventory of the tasks you have to complete. We also suggest that you seek out other government agencies, such as professional licensing boards and state, local or federal tax agencies.
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