How to close a business
Enlist the support of a trusted accountant and lawyer. It is not cheap. But it will be much cheaper than if you do this work yourself and miss the crucial points. They will then cost much more. There are lawyers who, once winning the process of closing any business, will be able to help you in the further stages of resolving all issues. They will then represent your interests.
Fill out all the necessary legal forms to close your case. They will include the entire list of issues, from paying the last tax to determining the remuneration for employees. This, of course, is a headache, but if you miss this step, then later you will suffer from legal troubles for several years. Ask your counselor (attorney) for these forms. Fill out the entire exhaustive list of items and give it to the test.
Inform your local and federal authorities about your decision. As in the case of going through the process of registering a company and obtaining a license, there are special bodies that need to go through to close their business.Each country and city has its own characteristics, but in any case, it is worthwhile to call the Chamber of Commerce first.
Place an ad in a local newspaper. This will help you in a few moments. You need to start to inform customers about the closure of your business and give them the opportunity to buy goods at a discount. You still need to eliminate your warehouses. Secondly, this measure will prevent the emergence of a company with the same name as yours.
Get rid of your debts. If you owe suppliers, accountants or employees, pay them in full before you close your business. On the other hand, return the funds that other people owe you. Although it will be quite difficult to do when you declare your position.
Pay attention to the accuracy of filling all the data and papers. The more you complete all the documents, the sooner you will pass the stage of closing a business.
Work only with trusted lawyers and accountants.
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