How to Close a Small Business in 6 Steps
Summary
To formally close a small business, owners must follow several essential steps. First, they need to reach a formal agreement among stakeholders, if applicable, to dissolve the company. Then, articles of dissolution must be filed with the state. It's essential to notify employees, settle all final wages, and handle last tax responsibilities, including filing a final return and canceling the business's Employer Identification Number (EIN). Any remaining business debts must be cleared, and all business-related licenses and registrations must be canceled. These steps ensure the business is legally and responsibly closed.
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