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Closing a business checklist


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Whatever reason you have for deciding to close your business, from an overwhelming amount of debts to deciding to do something else, there're a set of necessary steps that you will need to go through. This checklist briefly shows you the steps that let you successfully pass the business closure procedure.

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  1. Making an announcement to employees

As the business owner, be sure to carefully make an announcement for your employees. It means you will let them know about the closure before they hear it from someone else outside your business. You should intend to maintain good relationships with your employees, because you never know when you might do business with or for them again.

  1. Informing your customers

Just because you don't want your employees to know about the closure from outside, you don't want your customers to hear about it from someone but not you. You can personally let them know either by a phone call and/or by (email) letter. You should ensure your customers that when your business is closed, any outstanding work will be completed.

  1. Making an announcement to the media and the government

If you have some troubles with this item of the checklist, you can consult with your attorney or a public relations specialist before announcing to the media. In anyway, you can send out a brief press release explaining that your business is closing. Such a press release may also include a short quote describing the company's successes and the reasons for the closing.

  1. Checking all customer contracts

Before getting your business closed and terminating all deliveries, you should examine all your business contracts to be sure you aren't in ...breach of contract. Unfulfilled order or non-executed agreement can force your customers to sue. If you have any questions about your obligations, consult your attorney. Lawsuit is the last possible thing you need now.

  1. Canceling bank accounts and insurance policies

Your business is going to be closed so there's no need in bank accounts and insurance policies. Certain accounts should be closed. But before doing this, make sure you have paid off all debts and met all financial obligations before creditors and vendors.

  1. Taking care of your business leases

While closing your business, you should terminate existing business leases. As the way to compensate for leases, you can try to sublet office premises. In any case, you need to get everything in writing.

  1. Covering taxes

You should file an annual return for the year you close the business. If you have employees, you should submit the final employment tax returns. You will also need to submit returns to report disposing of business property.

  1. Making final check

Don't forget to make a final check just to be sure that you've covered all

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