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How to close your business

2019-04-09 Business No comment

We often talk about starting a business or starting a company, but this coin has another side. This is not something that entrepreneurs often think of, but many times you want to shut down your business. Maybe you have already wanted to get an income amount before you redeem and start other projects of interest, or you may have been doing this for years, and because there is no one at home, it is time to get things done. Interested in taking over it.

Regardless of the reason you shut down your business, you must be sure to keep in mind some things to keep in mind when dissolving your company.

  • Co-owned: If you have any partnerships and you want to move out every day, you have to talk to any co-owners. Use an organizational article and make sure you create a written agreement that will disband the company or sell it to your co-owner or someone else who will take on your business.
  • accounts receivable: If you are a sole proprietor and you wish to close your business, please ensure that your accounts receivable are fully paid and up-to-date until you notify anyone that you will close the company. Once you receive all the money, you can notify your customers that you will close the business.
  • Statement: Once you have classified all your income, you need to close your account with any creditor. You will also need to fill out the dissolution file and file it in the state where your company is located. If you have a rented office or place of business, this is also the period during which you notify your office landlord and any other person associated with your business.
  • Protect your trademark name: When you are in the process of notification, you still want to protect your brand name and image. Cancel any license, license or registration in your business name.
  • team member: One of the toughest things, especially if you have a good team to work with, just tell them they will lose their jobs. The best way is to pay as much attention as possible so that people are prepared. If possible, provide a severance package and ensure that you comply with the US Department of Labor's Worker Adjustment and Retraining Notification Act, depending on the size of your business.
  • Financial and regulatory obligations: If you have an inventory of any type or asset, you will be liquidating everything. You also need to make sure that you meet the requirements of the state and federal tax authorities. Don't forget to cancel the IRS's Employer Identification Number [EIN]. For additional information about closing your business through IRS, you can find this information here.

When you close a business, there is still a lot of work to do, and many details to ensure are tied together. You can use a variety of resources to ensure that everything is covered from a business and regulatory perspective. One of the first places to visit is the Small Business Administration, which has a good list of regulatory and compliance checks that can close the business. Another good source is NOLO, which also has a list of companies that are more suitable for business.

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