![]() Resolve financial obligations. Handle final returns for income tax and sales tax.Comply with employment and labor laws. Reference the Department of Labor’s Worker Adjustment and Retraining Notification Act (WARN) for employee payment after closing, along with other federal and state laws.Cancel registrations, permits, licenses, and business names. Protect your finances and reputation by canceling any of these that you no longer need, including your trade name. ![]() Look up your state for more information from the Secretary of State, Business Bureau, or Business Agency websites. File dissolution documents. Failure to legally dissolve an LLC or corporation with any state you’re registered in will expose you to continued taxes and filing requirements.Follow your articles of organization and document with a written agreement. Decide to close. Sole proprietors can decide on their own, but any type of partnership requires the co-owners to agree.It’s also helpful to seek advice from your lawyer and a business evaluation expert, along with other business professionals including accountants, bankers, and the IRS.įollow these steps to closing your business: The Small Business Administration’s local assistance finder can connect you with local guidance in planning your exit strategy. Pacific Northwest region media contactsĬlosing your business can be a difficult choice to make.Market research and competitive analysis.
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