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Closing a Business Checklist

Closing a Business Checklist

Jake R Brady

created on Dec 26, 2011

UselessPoorOkGoodExcellent

Excellent

4.79 with 124 votes

General

Make an announcement to employees.

Inform your customers.

Make an announcement to the media and the government.

Check all customer contracts.

Leave contact information with former business contacts, colleagues, and employees.

Financial/Administrative

Cancel state or county permits and licenses.

Notify your creditors: suppliers, lenders, service providers, and utilities.

Ask for letters indicating that your bills are paid in full as you pay off each creditor.

Collect outstanding accounts receivable.

Settle or pay all of your business debts.

Cancel your business credit cards.

Cancel bank accounts and insurance policies.

Take care of your business leases.

File an annual return for the year you go out of business.

If you have employees file the final employment tax returns.

Issue final wage and withholding information to employees.

File final tip income and allocated tips information return.

Report capital gains or losses.

Report partner's/shareholder's shares.

File final employee pension/benefit plan.

Issue payment information to sub-contractors.

Report corporate dissolution or liquidation.

Report business asset sales.

Report the sale or exchange of property used in your trade or business.

UselessPoorOkGoodExcellent

Excellent

4.79 with 124 votes

Stats:

Tasks: 26 tasks

Views today: 3

Tags:

business

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