Close your business the right way.

Closing your business isn’t as simple as shuttering your doors. It’s a complex process to end your tax obligations, reduce your liabilities, and maximize your share. Owner Actions can help. Sign up today for a step-by-step guide, articles, and resources that will simplify the challenges of your business exit.

What can Owner Actions help you take on?

Winding down.

Before sharing your plan to close your business with your customers, you should determine how you'll fulfill your outstanding orders, whether you'll accept new orders, and the date by which you need to wrap up operations. 

A great many factors will weigh into your decisions, including your contractual obligations (and what happens in the event of non-performance), the amount of time it will take to complete each request, how long your employees will stay on, and whether you have the supplies and inventory you need to fulfill remaining orders.

What should you do about the orders you can't fulfill? Our guide to winding down operations will help you determine your next steps.

A post-it note with the Owner Actions logo
A post-it note with the Owner Actions logo

Dividing what's left.

After selling your remaining assets, collecting your outstanding receivables, repaying your creditors, and covering your final federal, state, and local tax obligations, you may have a pool of proceeds that will need to be distributed before closing your bank accounts. 

How you should you distribute those proceeds? The answer depends on the structure of your business. Learn more in our brief guide to distribution.

Maintaining your records.

By law—or in some cases, best practice—you should store many of your business's essential documents long after ceasing operations. The primary reason is that they can help you defend against audits and lawsuits, which may occur years after the closure of your business. 

Our guide to recordkeeping after the close of your business can help you determine what you need to keep on hand (and for how long) and what you can safely destroy. 

A post-it note with the Owner Actions logo
"It's emotionally tough to close a business. Owner Actions' free step-by-step actions plans can make the process a whole lot easier."
Mark Fleming
Mark Fleming
Co-founder and CEO of Owner Actions

Articles that drive action

A person looks down at a binder on a desk to plan how to collect money owed to a business

Strategies to Collect the Money Your Business Is Owed Before Closing Your Doors

When you’re closing your business, one of the most important steps you should take is claiming your business’s outstanding accounts …

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A person dials buttons on a phone to connect with members of an exit team

Form Your Exit Team

When you’re closing your business, you’ll need to work through some legal, tax, and procedural concerns that can be overwhelming. …

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A row of garages may contain assets a business owner will need to appraise

How to Appraise Your Business Assets

Once your business has fulfilled its outstanding orders and completed its jobs in process, you can begin to inventory, appraise, …

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A person works on a computer to issue final paychecks and tax forms

Issue Your Employees' Final Paychecks and Tax Forms

Most states have rules on when final paychecks must be issued. In some states, you’ll need to provide final paychecks …

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Mail forwarding can help you ensure you receive the mail you need for taxes and recordkeeping

Set Up Mail Forwarding to Receive Business Documents

Even after closing your doors, your business will continue to receive mail that’s necessary for future tax filings and the …

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a person holding a set of binders has a plan for recordkeeping after closing a business

Recordkeeping After Closing Your Business

Once you’ve closed your business, many of your obligations come to an end. Recordkeeping is not one of those obligations. …

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A manager with her back to the screen prepares to tell a roomful of her employees her business is closing

How to Tell Your Employees Your Business Is Closing

Early in the closing process, you should tell your employees your plans to close and dissolve your business. Federal and …

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A professional tax accountant is prepared to file the final tax filings for a small business

Navigate Your Final Tax Filings for Your Small Business

There are many steps to closing your business. After completing projects, selling assets, and paying debts, you'll need to make …

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A business owner boxes up inventory and equipment he plans to sell

How to Sell Your Business’s Remaining Inventory, Equipment, and Items of Value

An important step of closing your business is selling off the assets it needed to conduct its operations. Before proceeding, …

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