While it is always up to you how you want to end the business, as any lawyer in Hollywood, Florida would tell you, it is never wise to close down without a plan.
At the very least, you need to consider your impact on your staff, cosigners, and lenders, and the whole community. That said, having no plan could leave you in debt and with lawsuits for years; not to mention, the headache, too.
As your legal partners and home to the best attorney in Hollywood, Florida, let us at THE ADVOCATE CONSULTING LAW GROUP help you by listing down some of what you need to do consider before when closing down your business.
- Notify and pay your employees, your creditors (suppliers, lenders, service providers, and utilities), and your customers
- Deal with any remaining contractual obligations—collect outstanding accounts receivable and sell off your inventory
- Settle or pay your debts to the extent possible; prioritized to protect your liability
- Cancel state or county permits and licenses such as your seller’s permit, and business license, etc.
- Dissolve your corporation or LLC or partnership
- File your final employment-related tax returns such as IRS Form 940, IRS Form 941, etc., and your final federal and state payroll deposits.
- File your final income tax returns, checking the box stating that this is your final return.
Between your liabilities to your partners and tax responsibilities, you need to be able to work with the best attorney in Hollywood, Florida possible.