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Close a Business With Theses Top Ten Tips
 Whether you are retiring, moving on, or cutting your losses there are a few things you need to know when you decide to close a business.
In most cases, you can’t simply close your doors and walk away—you need to make sure all of your bases are covered, financially, legally, and ethically.
Review the list of tips below when you need to close a business; to be sure you don’t miss anything:
1. Come To The Decision With Any Business Partners You May Have
Unless you have created and run the business on your own, check with your partner or partners to make sure they agree with the closing. Making sure all parties are in agreement is the least stressful way to close a business.
2. Dissolve Your Business
Research state and local regulations and fill out the necessary forms to formally and legally dissolve your business.
3. Make Sure You're Up To Date On Tax Payments
Notify the IRS that you will no longer be paying taxes as a corporation when filing Forms 940 and 941. Not only is it important to be up to date on payments, but make sure your tax paperwork is in order as well when you close a business.
4. Help Your Employees Make A "Clean Getaway"
Issue all employees their W-2 forms (then report the information you receive) and pay all outstanding wages when you close a business. If possible, offer employees a letter of recommendation or contact info so that future employers can easily check their references.
5. Notify Your Customers.
Let former customers know when you have decided to close a business. If you can, try to offer them an alternative source for your product—this could be a website, former employee, or even a competitor.
6. Cancel Any Permits or Business Names You Filed.
Contact the state or county to work through this process.
7. Make Sure All Accounts Have No Outstanding Activity.
Creditors, suppliers, lenders, and customers should all be notified that you will no longer be doing business with them when you close a business. Make sure you don’t owe any money and that you collect any outstanding invoices.
8. Speak To Your Landlord.
If possible, keep your business open through your lease period; if not, work out a deal with your landlord. Doing this can save you a lot of money when you close a business.
9. Close All Utility Accounts.
If you were paying the electricity, water, or high-speed internet in your office space, make sure the companies know you are no longer renting there. You should also double check to be sure that any utility deposits you made are refunded when you close a business.
10. Clean up All Electronic Loose Ends.
Retire your domain name, alert map sites such as Google Maps or MapQuest of your business's closing, and let your Twitter or Facebook followers know when you decide to close a business.
Also See:
How To Close A Business
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