Close Your Business Library
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 …
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 …
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, …
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 …
Help Your Employees Transition to Government-Sponsored Health Insurance
Did your business offer health insurance? If so, you might wonder how your team will maintain health care coverage until …
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 …
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 …
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, …
How to Tell Your Customers Your Business Is Closing
Ready to tell your customers about your impending closure? This is an important step you’ll need to take when you’re …
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 …
How to Close Your Business Email and Social Media Accounts
When you close your business, you’ll need to close the email and social media accounts that are associated with it, …
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. This checklist will help …
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 …
How to Write Meaningful Recommendation Letters for Your Employees
Want a way to help your employees while you’re closing your business? One of the best gestures you can make …
The Right Ways to Wind Down Work
Before telling your customers about your decision to close, think about how you’ll fulfill your outstanding orders, whether you’ll accept …
Navigating Business Contracts As You Close Your Business
It’s easy to overlook one part of the closure process. That’s navigating the business contracts and obligations you’ve agreed to …
Tell Your Vendors, Contractors, and Others Your Business Is Closing
Midway through the closing process, you’ll need to notify your vendors, suppliers, contractors, and freelancers that your business is closing. …
Do You Need to Vote on Dissolution?
Most owners need to follow a specific set of procedures to formally close their businesses. And, sometimes, these procedures include …
Dividing What’s Left: How to Handle Asset Distribution When Closing Your Business
After selling your remaining assets, collecting your outstanding receivables, repaying creditors, and paying your final federal, state, and local taxes, …
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 …
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 …
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. …
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, …
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 …
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. …
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 …
