Sad but true: sometimes a business just doesn’t work out. It might be because the economy is tanked, or because there are cheaper products than yours on the marketplace. It’s better to acknowledge that it’s time to close a business as soon as you realize it than to keep losing money while you try to make it work.
Still, dissolving a business is more than just the decision to shut it down and letting your vendors and clients know. Here are the steps you must take to close your business the right way and remain compliant with your state.
Step 1: Dissolve Your Business Structure
Assuming you were operating as a corporation or LLC, you are legally required to dissolve that business entity. You do so by holding a meeting with all business partners or Board of Directors and having them vote on closing the business. Make sure you record the final vote in your meeting minutes. Continue reading “Closing a Business? 10 Steps to Take Care of When You Dissolve a Business” »