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10-15-2008, 10:58 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 1
| | | CLOSING a business
What is the name of your state (only U.S. law)? MO
Hi. My boyfriend owns a cleaning business and he wants to close it. I know that this category is for OPENING businesses but I didn't see one for advice on closing and I wasn't sure where to start. We're not sure how to go about closing it, what forms need to be filled out, who needs to be notified, etc. There is no store front or anything, the clients just call and set up the appointment for him to come clean their house. He has no employees. Does anyone know the proper steps to take to go about closing a business? |
10-16-2008, 01:22 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,468
| | Quote:
Originally Posted by rob.e.lou  What is the name of your state (only U.S. law)? MO
Hi. My boyfriend owns a cleaning business and he wants to close it. I know that this category is for OPENING businesses but I didn't see one for advice on closing and I wasn't sure where to start. We're not sure how to go about closing it, what forms need to be filled out, who needs to be notified, etc. There is no store front or anything, the clients just call and set up the appointment for him to come clean their house. He has no employees. Does anyone know the proper steps to take to go about closing a business? | **A: is he registered to do business with the state and has separate licenses to pay taxes etc. |
10-16-2008, 01:26 PM
| | Member | | Join Date: Aug 2006 Location: Cook County, Illinois
Posts: 72
| | | Closing a business can be as straightforward as simply turning off the lights if you are a sole proprietor and have no unpaid creditors.
If you have an entity such as a corporation or LLC, you may choose to dissolve it under state law (there are forms for this) or in most states you can simply stop filing annual reports and paying annual fees and the state will administratively dissolve the entity. be careful, though, because in some states the obligations will continue to accrue if you are not formally dissolved.
If there are unpaid creditors, the issue gets a little stickier. Also, if there is an entity (vs. a sole proprietorship or a single member LLC treated as a disregarded entity), then there are final tax returns to be filed.
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