How To Close A Business – Don’t Miss Any of These Important Points

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A Collection of Web Pages About Closing A Business

6 Signs It’s Time to Close Your Business

Knowing when to call it quits will likely save you further heartbreak — and lots of money.

Starting a business is tough. But, as some owners have experienced, closing up shop can be even tougher. While you may hate to admit it — I know I did — it’s emotional.

Cody McLain, the founder of SupportNinja and digital creative agency WireFuse, describes the moment of letting go beautifully: “Building something from scratch just for it to end up like a sandcastle at the shore waiting for the tide to take it away…More at http://hermoney.com

3 Signs It’s Time to Close Your Business and Start Something New | Inc.com

Sometimes, cutting your losses and moving on is your fastest path to success.

One of the most agonizing choices an entrepreneur inevitably faces is whether or not to close their business. But rather than make this choice on their terms, most business owners wait until liquidity issues doom their enterprise–they wait far too long to see the writing on the wall, and simply run out of the cash needed to continue the fight.

Shutting down my first startup was one of the best decisions I’ve ever made in my life. Had I not walked away, I would still be beating my head against a wall with a business that would never, ever get me to the outcomes I was seeking…More at http://inc.com

9 Warning Signs It’s Time to Close Your Business and Move on – WiseStep

Have you ever been terrified of closing your business? Here we present the top most warning signs that gesture you to close your business immediately.

Before closing a business, there are certain factors that the entrepreneur should look up to. Lack of money and growth are the two main reasons that contribute to this factors.

Not getting the expected results is also an indicator that the business is not doing well and it is time to wrap up the business…More at http://content.wisestep.com

3 Signs That You Should Shut Down Your Business

It’s not an easy decision, but sometimes circumstances dictate it’s the right thing to do.

I haven’t spoken to an entrepreneur yet who has not thought about walking away from a business at one time or another, especially if the business is only a few years old.

The grind, lack of money and pure fatigue are usually the top reasons why business owners are ready to throw in the towel.

Rene Syler, CEO and founder of lifestyle brand Good Enough Mother, discussed in a recent blog post that she is still surprised when people complain about how much work is needed to build a brand…More at http://entrepreneur.com

16 Signs It’s Time to Close a Business – Unboxed

Think you might need to close a business? See if these signs ring true.

The decision to close a business can be a hard one to make, even when your day-to-day work is nothing like what you imagined it would be, and your original goals are beginning to seem increasingly distant.

Many business owners hold on for too long, simply because they don’t want to close their doors and officially admit defeat…More at http://dolly.com

How To Close A Business

Closing a Business | Internal Revenue Service

There is more involved in closing your business than just locking the doors.

This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses…More at http://irs.gov

How to Close an LLC | LegalZoom

Find out how to close an LLC in seven steps. Learn the steps you need to take to protect yourself from liability and be able to withdraw remaining assets from the company.

Making the decision to close a business can be stressful.

While your instinct might be that you just want to be done and walk away, you have to take several steps to officially close your limited liability company and end your LLC status…More at http://legalzoom.com

Steps to Take to Close or End Your Business

The process of ending a business is complicated. Here we take you through it step by step, with options to choose from.

It’s time to close the doors. For whatever reason, you have decided to end your business.

The list of tasks may seem long, but it’s important to work through them to make sure everything is done correctly…More at http://thebalancesmb.com

Business Dissolution – How to End Your Business | BizFilings

Learn how to end a business, LLC or corporation including state and federal requirements as well as notification of creditors.

For some small business owners, the time comes when they must end operations and dissolve their business. It’s a stressful time and a multi-step process. There are six common steps to dissolving a business.

Company owners must approve the dissolution of the business. With corporations, the shareholders must approve the action; with limited liability companies (LLCs), members grant approval…More at http://bizfilings.com

How To Close A Business With The IRS

Closing a Business Checklist | Internal Revenue Service

When you close up your business, you need to contact all registration, taxing, and licensing agencies to guide you through necessary termination procedures.

There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business.

If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes…More at http://irs.gov

Canceling an EIN Closing Your Account | Internal Revenue Service

The article provides instructions for taxpayers who have received an EIN but later determine they do not need the number.

The IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity.

Regardless of whether the EIN is ever used to file Federal tax returns, the EIN is never reused or reassigned to another business entity…More at http://irs.gov

How To Close A Sole Proprietorship Business

How to Terminate a Sole Proprietorship Business | LegalZoom Legal Info

A sole proprietorship is a business entity owned only by a single individual with no partners.

Unlike limited liability companies and corporations, the owner of a sole proprietorship is legally responsible for all decisions regarding the business operation, including the termination of business.

Because a sole proprietor’s business is linked to his personal finances, it’s vital to ensure you follow proper business termination procedures to guard against the potential for personal legal and financial liability related to the business after closure…More at http://info.legalzoom.com

Closing a Sole Proprietorship – FindLaw

Learn more about sole proprietorships, closing a business, bankruptcy, partnerships, corporations, and other legal matters at FindLaw.com.

Closing a sole proprietorship is different — and typically much easier — than closing a corporation or partnership.

For the most part, sole proprietors do not have to consult with anyone else before deciding to call it quits. However, sole proprietors still have responsibilities and obligations to tend and also may have outstanding loans to pay off.

Below, you’ll find a detailed hypothetical about starting and closing a sole proprietorship, followed by examples of closing a corporation or partnership…More at http://smallbusiness.findlaw.com

Papers to File When Closing a Sole Proprietorship | Chron.com

A sole proprietor can use a DBA to build brand recognition.

A sole proprietorship operates as an alter ego of a business owner. It is not an independent legal entity like a corporation or limited liability company and does not have to file formation paperwork with a government agency to officially come into existence, as long as the sole proprietor operates the business under his own name.

There are certain optional business-related accounts that a sole proprietor may set up to differentiate business activity from personal activity in the eyes of the public…More at http://smallbusiness.chron.com

Closing A Business Checklist

A 10-Step Checklist for Closing a Business | QuickBooks

Closing a business involves more than closing the doors ? no matter its size.

Closing a business involves more than closing the doors — no matter its size. If business owners simply walk away, they can be exposed to lawsuits, loss of personal and business reputations, and unnecessary fees.

Here’s a 10-step checklist to help you close down your business the right way…More at http://quickbooks.intuit.com

Closing a Business Checklist: Ten Steps From Our Experts

Our experts compiled a comprehensive closing a business checklist that will highlight some of the big issues that you will need to work through.

All businesses go through ups and downs, and many will suffer cash flow crises…More at http://blog.corpnet.com

Closing a Business Checklist | AllBusiness.com

Closing a business is a monumental task that requires fortitude, commitment, and organization. Using a checklist will help you stay focused, energized, and on track.

Deciding to close and then dismantle your business is a huge undertaking. Once the decision is made you may feel a tremendous sense of relief.

But that doesn’t mean for a second that you should take it easy. Indeed, the hard work ahead may lead you to reconsider…More at http://allbusiness.com

Checklist for Closing Your Business: 20 Things You Need to Do | Nolo.com

It can take months to wind up a business properly. You need a closing plan that will offer the most protection possible to your personal assets, your credit, and your reputation in the community—and to those of your spouse, cosigners, and lenders.

If you simply close down and let the pieces fall where they may, you could end up haunted by unnecessary headaches, lawsuits, and debts for years.

A proper shut-down process will give your creditors and customers clear notice of your business’s closure, an important step toward limiting the amount of time you may be subjected to lawsuits…More at http://nolo.com

Closing A Business With Debts

Negotiating Debt Settlements When You Go Out of Business | Nolo.com

When a business closes, it usually has a good-sized pile of debts—to landlords, suppliers, utilities, service providers, and possibly a bank or private lender.

After you notify these creditors of your upcoming closure (which can limit your liability), you’ll want to make plans to either pay these bills in full, settle them for less than full payment, or consider filing for bankruptcy…More at http://nolo.com

Closing Your Business: Pay Your Taxes and Debts | Nolo.com

When you going out of business is inevitable, notify the following companies people of your impending closure–the order in which you notify players may vary depending on some of the factors mentioned below.

Suppliers. Suppliers will want to know when the last delivery should be made, what goods you’re returning (if that’s part of your contract), and where and how they’ll get paid for goods they’ve supplied.

However, if you’re not ready to stop buying, you may want to keep your impending closure quiet for a while. Some suppliers, when they find out your business is about to close its doors, may pull your credit line and require that all orders be paid for in cash…More at http://nolo.com

Options When You Can’t Pay Your Business Debts – FindLaw

Learn more about business debts, bankruptcy, collections, and other legal matters at FindLaw.com.

If your company or business has been in the red for a while, and you cannot seem to be able to pay off your business debts, your creditors may start looking for money. They can do this by threatening legal action against you or your business…More at http://smallbusiness.findlaw.com

Close up shop outside of bankruptcy

If the business is a corporation, involve the board of directors. Exploit the contacts and expertise of outside directors or other contacts in the field in the effort.

Figure out what the business owns and what it might be sold for.

Check real property and equipment leases, credit cards, and trade accounts where the contract may be in the name of an individual or an individual has guaranteed the debt.

Officers, directors and those with check signing authority may be personally liable by law for the trust fund portion of unpaid employment taxes or sales taxes of the business.

Prioritize…More at http://bankruptcyinbrief.com

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