Closing, Selling or Transferring a Business
So, things haven't gone well this last year for your business and you personally and you're thinking of closing your business (or may have actually already closed it). It's not as simple as just locking the doors and leaving.
There are many steps to be taken to close a business in a way that resolves legal, financial, economic, tax, personal and other business issues in a way that is not going to come back and haunt you some time in the future. It is better to make a clean break now and resolve everything possible so that in the future you're able to move on with your life and possibly your next business venture.
It is extremely important that BEFORE you begin the process, that you prepare an inventory of the business's and your personal assets and liabilities and meet with both a business CPA and a business attorney. Do not try to do this on your own as there are many traps that can really hurt you later.
Business guidance for your business - Kulzick Consulting PA - https://yoursmallbusinesscpa.com
Below are some links to more information about closing a business - none of them are complete, and many less common, but nonetheless important, items are missing. There may also be circumstances where something recommended on a link may not be correct in your specific situation. These are provided for general information only.
IRS - Closing a Business - https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business
SBA - Close or sell your business - https://www.sba.gov/business-guide/manage-your-business/close-or-sell-your-business
Suzanne Kearns on QuickBooks - How to close a business: A 10-step guide for small business owners - https://quickbooks.intuit.com/small-business/coronavirus/resources/a-10-step-checklist-for-closing-a-business/
Findlaw - How to Close a Business - https://www.findlaw.com/smallbusiness/closing-a-business/how-to-close-a-business.html
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