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If you're in the throes of closing the door on your business for good, be prepared to take the proper legal steps to avoid any complicating issues in the long run.
First and foremost, be sure to read your initial formation documents to check and see what your business' termination procedures were laid out as when you first decided to incorporate. You should also consult the state your business is incorporated in to see what its requirements for dissolution are. Prior to filing any government forms, however, be sure to settle your debts, preferably via an accountant and attorney, recommends Entrepreneur magazine.
Although costly, the website Find Law recommends that a company obtain a business valuation before dissolving, as it can help to prevent disputes in the future. It can also serve as evidence of the figures you include on your business' final tax return.
When you make the announcement of your business' closure, be sure to do it yourself. You do not want the news to travel down the grapevine to your employees, customers or creditors from anyone but you, as it could put a damper on your dissolution.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
First and foremost, be sure to read your initial formation documents to check and see what your business' termination procedures were laid out as when you first decided to incorporate. You should also consult the state your business is incorporated in to see what its requirements for dissolution are. Prior to filing any government forms, however, be sure to settle your debts, preferably via an accountant and attorney, recommends Entrepreneur magazine.
Although costly, the website Find Law recommends that a company obtain a business valuation before dissolving, as it can help to prevent disputes in the future. It can also serve as evidence of the figures you include on your business' final tax return.
When you make the announcement of your business' closure, be sure to do it yourself. You do not want the news to travel down the grapevine to your employees, customers or creditors from anyone but you, as it could put a damper on your dissolution.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
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Vcorp Services assists in the creation of new businesses and helps maintain existing businesses in
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compliance with federal and state regulations.