Entrepreneurs have faced more than their fair share of challenges these past few years, and 2022 has been no exception with inflation up and consumer spending down. Sadly, some business owners have decided to close their companies due to economic difficulties. Others may want to cease operations for other reasons, like retirement. Regardless of why someone chooses to close their business, it’s important for them to realize there’s more to the process than simply stopping selling products and services. There are additional requirements to legally end a business’s existence.
What a business owner must do depends on the type of business structure (e.g., sole proprietorship, partnership, limited liability company, C Corporation), where the company is located, whether it has employees, and other factors. As you can imagine, there are both legal and financial considerations to address, so guidance from a reputable and reliable attorney, accountant, and tax advisor can help ensure all goes smoothly and no critical tasks get missed.
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