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Slinde Nelson

What do you know about closing your business?

On Behalf of | Jan 3, 2022 | Business & Commercial Law, Business Litigation

You did everything to keep your company open, but you think you have no choice but to close it. Even if you want to open another company later, you must shutter your current entity properly.

The U.S. Small Business Administration guides entrepreneurs through shutting down a company. Before moving on with your life, learn how to tie up loose business ends.

Make closing official

Your business structure determines how you close. As a sole proprietor, the decision falls to you entirely, but if you have partners, you must discuss ending the business with them. If they agree, see if your articles of organization guide you through closing the business. Draft a written agreement with all your partners to cover all your legal bases.

Decide what to cancel

You may need to cancel permits, licenses, registrations and your business name. If you do not need it for your life’s next chapter, cancel it. That way, you safeguard your professional reputation and financial health.

File the proper paperwork

Prioritize filing dissolution documents for your corporation or LLC to avoid leaving yourself on the hook for Oregon’s filing and taxes requirements. To ensure you file everything you need, check the latest requirements from the Business Bureau, Secretary of State and Business Agency.

Follow labor and employment laws

If you have employees, it makes sense to end things with them on a good note. The Department of Labor has labor and employment laws about final employee payments.

Closing a business could bring up various emotions. Shutting your business down the right way helps you avoid unnecessary regrets and frustrations.