How to close a business
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The decision to close your business is not always easy. There are many reasons to move towards this step: you are not getting as many sales as you want, or you are just about to retire. In any case, there are specific steps that you need to take.
Instruction manual
1
Enlist the support of a trusted accountant and lawyer. It is not cheap. But it will be much cheaper than if you will carry out this work yourself and miss the crucial points. They will then cost much more. There are lawyers who once won the process of closing any business, can help you in further steps to resolve all issues. They will then represent your interests.
2
Fill out all the necessary legal forms to close your case. They will include the entire list of issues, from paying the last tax to determining pension benefits for employees. This, of course, is a headache, but if you miss this step, then later on you will suffer from legal turmoil for several years. Ask your consultant (attorney) for these forms. Fill out the entire exhaustive list of items and submit for verification.
3
Inform your local and federal authorities about your decision. As in the case of going through the process of registering a company and obtaining a license, there are special bodies that you need to go through to close your business. Each country and city has its own characteristics, but in any case, you should first call the chamber of commerce.
4
Place an ad in your local newspaper. This will help you in a few moments. First you need to inform customers about the closure of your business and give them the opportunity to buy goods at a discount. You still need to liquidate your warehouses. Secondly, this measure will prevent the emergence of a company with the same name as yours.
5
Get rid of your debts. If you owe money to suppliers, accountants, or employees, pay them in full before closing your business. On the other hand, return the funds that other people owe you. Although it will be quite difficult to do when you announce your position.
note
Pay attention to the accuracy of filling all data and papers. The more complete you fill out all the documents, the faster you will go through the stage of closing a business.
Useful advice
Work only with trusted lawyers and accountants.
