pMany business owners decide its time to close their doors due to a variety of reasons. Sometimes, the decision comes at the end of a lengthy run or after a significant loss in revenue. Sometimes, its because the company has no financial future. Contracts have ended or the market has changed too rapidly for the company to keep competing.
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pIts crucial to make an outline of your plan, and then adhere to it. A certified accountant or lawyer can help you determine the best method to end the process and dispose of assets and ensure that all legal obligations are fulfilled. This includes filing dissolution paperwork, canceling all registrations and permits in addition to paying outstanding taxes and closing business accounts. Notifying creditors, paying off debts, and settling financial obligations are also included.
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pNotifying customers and returning deposits due to an unfulfilled orders are equally important aspects to consider. It is also essential to inform employees and give them as much notice as you can, so they can plan their departure. This will keep relationships intact and help avoid unnecessary frustration. Its a good idea to analyze and gather the companys records to properly close your companys financials. This includes settling any financial obligations, releasing the final payroll and closing credit card accounts of the company (which can impact personal credit ratings).
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pAfter everything is settled, its time to close the business. Missing even one of these tasks could cause penalties and additional costs. The IRS has a list of things that you must complete. We also recommend to consult other government agencies, like professional licensing boards local, state, or federal tax agencies.
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