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Do you know these tips for closing your business?

On Behalf of | Feb 4, 2022 | Business & Commercial Law |

You hoped for a favorable outcome when you and your current partners went into business together, but things did not work out. As part of your business divorce, you want to close your current venture and start another one with different partners.

The U.S. Small Business Administration explains how to shutter a business. Do your part to bring one chapter to a close before starting another one.

Agree to close

Because you have business partners, you must all agree to shut the company down. If you created articles of organization when you first joined forces, the document could include details about how to conclude your enterprise and divide assets, much like a marital divorce. No matter whether you have articles of organization, draft a written agreement to end your business.

File dissolution paperwork

Prioritize filing dissolution forms in New Jersey and dissolving your enterprise legally. That way, you avoid ongoing filing and tax requirements. The Business Agency, Secretary of State and the Business Bureau may have more useful information for you and your current partners.

Tie up financial responsibilities

Dedicate some time to resolving final sales tax and income tax returns. Also, send notice to state and federal tax agencies, and cancel your Employer Identification Number.

Cancel business names, permits, registration and licenses

While researching what paperwork you must file to shut your enterprise down, look into how to cancel your business licenses, permits, registration and names. Canceling these items as quickly as possible helps insulate you from financial fallout and a soiled business reputation.

Take your time and cover your bases while completing a business divorce. Proper planning helps to ensure a clean break from your current company.

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