In a business owner’s life, a time may come when he/she has to close his business either because he is not making any profit from it or due to his age and bad health and having no children to continue his business or due to some other reason you want to sell it. Either you can close down your business or you can put your Business For Sale. If you are thinking of closing you business down, there are some legal things you need to do, to safely complete the task and protect yourself from any future claims.
First, if there are co-workers or partners with you in your business, you will have to take their advice and agreement before thinking of closing it. Also there must be a majority in the favor of the decision.
Dissolve all legal and Government issues: If thinking of closing the business, you need to officially dissolve it from all the government records so that you don’t have to fill up any business taxes in the future.
Also mind to cancel permits, license issued in the name of your business. If you are using an assumed business name, file an “abandonment” of that name and also publish in the local newspapers.
Clear all your taxes and other dues before leaving the business. If you had taken a loan for your business, also make it clear with the bank. Before leaving the business, notify your customers, suppliers, investors, partners, your bank, and your employees that you are leaving that particular business.
First, if there are co-workers or partners with you in your business, you will have to take their advice and agreement before thinking of closing it. Also there must be a majority in the favor of the decision.
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| Business For Sale |
Also mind to cancel permits, license issued in the name of your business. If you are using an assumed business name, file an “abandonment” of that name and also publish in the local newspapers.
Clear all your taxes and other dues before leaving the business. If you had taken a loan for your business, also make it clear with the bank. Before leaving the business, notify your customers, suppliers, investors, partners, your bank, and your employees that you are leaving that particular business.
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