Close Your Business Library

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

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 …

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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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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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A person looks down at the customer list on his phone and will call his customers to tell them his business is closing

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 …

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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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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’ll need to 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. This checklist will help …

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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 person types recommendation letters for her employees

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 …

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A business owner sitting at a desk looks into the distance thinking about the right ways to wind down work

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 …

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A person sitting on a couch reviews her business contracts before she will close her business

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 …

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A person leaving a building talks on a phone with a vendor to announce his business is closing

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. …

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A manager with his back to the screen asks a group of employees sitting in front of him to vote on the dissolution of a business

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 …

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Piles of 100 dollar bills represent the asset distribution that must take place when closing a business

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, …

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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 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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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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