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How to Close a Business

How to Close a Business PhotoDissolution or ending a business voluntarily may get your employees worried. This is a stress to those bosses who are not willing to open up the topic to their employees. Nevertheless, there are proper ways on how you should go about the entire process.

Here’s a step-by-step guide to help you out:

File a tax return

When closing a business, the first step is to file a tax return. This shall serve as your final annual return and shall be filed even if your business didn’t complete the 12 months of the past year.

Be sure to check the box in all documents such as Schedule K-1s that states this is your last and final tax return.

Fix the dissolution documents

The dissolution documents will serve as your notice to the government that you’re no longer going to continue with it. If you will not fix this, your business will be considered as an ongoing business which will be subjected to fees and taxes.

The dissolution documents are also essential if you have business partners and co-owners. This will clear all liability and ownership issues that may arise.

Distribution of assets

The next step is to pay all those individuals whom you owe money from. The creditors should be on top of the list. After paying them all equally, you should distribute all your remaining assets to partners, shareholders and other members who qualify.

Worry, not because you can still recover from all these losses by selling the inventory or stocks you own.

IRS notification

Once you have dealt with all the assets and dissolution documents, you should then notify the IRS or Internal Revenue Service about the condition of your business.

Alongside the IRS notification, you should also close any business accounts you have. This can be done by writing to the IRS.

Ensure that everything is paid

As much as you’re fed up with what happened to your business, still it is your responsibility to pay the final paychecks of all your employees. For those who are in the managerial position, to the utility staffs and security guards.

You should also ensure that you’re not breaking any labor laws while you’re in the process of closing the business.

Cancel all insurance policies and licenses

The last step is to cancel any insurance policies, permits and licenses you have which involves the business. You can contact the insurance broker or other authorities involved and notify them about the cancellation.

Common licenses that you may have are as follows:

  • City business license
  • Town business license
  • County business license
  • State business license
  • Federal license

Although it may be a stressful matter to know that you will voluntarily close your business, still it is considered as an appropriate step especially if you know it’s going nowhere. Despite that, you should remain strong and should keep that firm stand. This will spare you from forgetting one step from these tips. Everything in this article is essential matters you should know thus, keeping detail in mind will spare you from dealing with lawsuits that may arise.