How to successfully close a Business?

It’s definitely not easy to close a business; however there may be different reasons for an entrepreneur to do so. One may think of closing a business due to bad sales or lack of time or some other factors. There are certain things one must do when closing a business in order not to fall into trouble later on. Following are the main things to consider when closing the doors of your business:

  • If your business is a partnership or cooperation then you should find out what are the state’s rules concerning the vote for closure. Thus, if your company does not have fixed rules concerning the closure vote, then you should make use of the rules provided by the state.
  • Inform your employees and co-workers about the dissolution. They would not like being informed about it by people other than you. Sometimes, when the entrepreneur does not make a proper announcement about the dissolution, the employees try to hinder it.
  • Put an announcement about the dissolution in your local newspaper. This way you will be able to sell the remaining products quickly and easily and offering discounts to the customers. Also, you may prevent another organization from using the name of your company as theirs.
  • Pay all your debts before you close a business. This involves paying your accountants, workers, lawyers, suppliers and so on.
  • Collect all the money that others owe you. It may be rather hard to get this money if you are already out of the business.
  • Inform the insurance company and your local government about the closure. Just as you informed them about your desire to start and register a business, the same way you should inform them about the dissolution.

If you think you cannot manage the process of closing a business by yourself, hire an attorney to help you along the way in order to avoid further troubles. Bookmark this blog to get more information about how to manage a business and much more.

 

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Armen Margarian

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