6 Steps To Formally Closing Your Business

Closing a business requires more than locking the doors and putting up an “out of business” sign.The reasons to close a business often vary. Some entrepreneurs do it out of necessity, knowing that the business has simply run its course. Others may choose to close one business in order to start a new venture and to focus their attention on the new endeavor. Amid the Covid-19 pandemic, many small business owners made the decision to close.

Closing a storefront requires more than simply locking the doors and putting up an “out of business” sign on the door. It’s important to properly file a dissolution and dissolve the business with its state of incorporation. A dissolution is a formal closure of a business with the state. Businesses may be voluntarily or involuntarily dissolved. A voluntary dissolution, for example, is one where a small business owner chooses to dissolve the business and file articles of dissolution to terminate it. Involuntary dissolutions, on the other hand, may occur to businesses in bad standing with the state.

How do you file for a dissolution? Let’s take a look at what it means to properly dissolve a small business.Only a few entrepreneurs, like sole proprietors, may make the decision to close a business on their own. This is because sole proprietors conduct business individually. Businesses that are incorporated under business structures like corporations, for example, would not be able to dissolve the business alone.

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3 Steps For Managing Your Small Business’s TaxesI work at the intersection of the private and public sector. I am the founder of Public Private Strategies, Executive Director of the Small Business Roundtable, Founder of the NextGen Chamber of Commerce, and a Senior Fellow at The Aspen Institute. Over the course of my career, I have worked to engage business leaders - from the small business community to the Fortune 100 - to help solve the most pressing issues of our time. Previously, I served as private sector advisor on The White House Business Council, at the US Department of Health and Human Services, and for the Governor of California. I also have had the opportunity to serve on several presidential, state, and local campaigns. this is terrible news
Source: Forbes - 🏆 394. / 53 Read more »

3 Steps For Managing Your Small Business’s TaxesI work at the intersection of the private and public sector. I am the founder of Public Private Strategies, Executive Director of the Small Business Roundtable, Founder of the NextGen Chamber of Commerce, and a Senior Fellow at The Aspen Institute. Over the course of my career, I have worked to engage business leaders - from the small business community to the Fortune 100 - to help solve the most pressing issues of our time. Previously, I served as private sector advisor on The White House Business Council, at the US Department of Health and Human Services, and for the Governor of California. I also have had the opportunity to serve on several presidential, state, and local campaigns. this is terrible news
Source: Forbes - 🏆 394. / 53 Read more »