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.

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 talking on the phone is ready to tell the IRS he is closing his business

Tell the IRS and Other Tax Agencies That You're Closing Your Business

Once you’ve decided to dissolve your company, tell the IRS and your state and local tax agencies your plans for …

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A person with a pen in hand completes a form to terminate employee benefits.

How to Terminate Employee Savings and Benefit Plans

There are many steps to winding down your business’s operations. Once you fulfill your business’s outstanding orders and release your …

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A person sitting at a desk holds papers that indicate he needs to settle with creditors before closing his business

How to Settle with Creditors Before Closing Your Business

If you’re following our closing guide, then you’ve already reported your planned closure to your landlord, bank, suppliers, utility providers, …

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A person talks on the phone to report his business closure to creditors

How to Report Your Business Closure to Your Creditors

One step many owners miss in the closing process is notifying creditors. This must-do step is important because it helps …

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A person holding a pen signs documents to dissolve a business

How to Formally Dissolve Your Business

If your business is organized as a partnership, LLC, or corporation, then you may need to file dissolution paperwork to …

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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 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 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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Business Library

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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.