The decision to close your business is not always easy. There are many reasons for this step: you are not getting as much sales as you want, or you are just about to retire (retire). Either way, there are specific steps you need to take.
Instructions
Step 1
Get the support of a trusted accountant and lawyer. It doesn't come cheap. But it will be much cheaper than if you do this work yourself and miss critical points. They will then cost much more. There are lawyers who, having once won the process of closing any business, will be able to help you at further stages to resolve all issues. They will then represent your interests.
Step 2
Complete all required legal forms to close your case. They will include the entire list of issues, from paying the last tax to determining the retirement benefit for employees. This is, of course, a headache, but if you miss this step, then subsequently you will suffer from legal turmoil for several years. Ask your consultant (attorney) to provide you with these forms. Fill out the entire list of items and submit it for review.
Step 3
Tell 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.
Step 4
Place an ad in your local newspaper. This will help you in several ways. You need to first inform your customers about the closure of your business and give them the opportunity to buy goods at a discount. You will still need to liquidate your warehouses. Secondly, this measure will prevent the emergence of a company with the same name as yours.
Step 5
Get rid of your debts. If you owe a debt to suppliers, accountants or employees, pay them in full before you close 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.
