Closure is a process.

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.

Articles That Drive Action

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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Be sure to share your contact information with the people you want to stay connected with.

Share Your New Contact Information with Your Employees and Network

Before parting ways with your employees, contractors, suppliers, and others you work with on a regular basis, take time to …

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An image of a computer screen in which a person is closing their business email and social media accounts

How to Close Your Business Email and Social Media Accounts

When you close your business, you must also close the email and social media accounts that are associated with it. …

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A rubber stamp with the work cancelled that can be used as you cancel services and subscriptions for your small business

Checklist: What You Need to Cancel When Closing Your Small Business

Depending on your business, you may have licenses, permits, subscriptions, and services to cancel when closing your business. This checklist …

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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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Two professionals talk about how to transfer retirement accounts to a new entity.

Help Your Employees Transfer Their Retirement Accounts to a New Entity

Two of the moves you’ll need to take when closing your business are terminating the retirement plans you offer and …

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A manager browses resources to help her employees transition their health insurance plans.

Help Your Employees Transition to Government-Sponsored Health Insurance

If you offer your employees health insurance, you may be wondering how they’ll receive health care coverage until they find …

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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 types recommendation letters for her employees

How to Write Meaningful Recommendation Letters for Your Employees

One of the most helpful gestures you can make for your employees when closing your business is to write recommendation …

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Business Checklist

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Wind 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.

Divide 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.

Maintain 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.