How to close your business
Deciding to close your business can be a stressful but needed choice.
Here is a high-level checklist to help you walk step-by-step to wrapping up your business affairs.
- Protect the intellectual property
Make sure to transfer all intellectual property from entity to yourself personally – this includes photographs, logos, etc. – Use this document and keep on file
- Dissolve with your jurisdiction
If you created a corporation, limited liability company or filed a doing business as/fictitious name/assumed named, you will need to file with the governing jurisdiction.
Sole proprietors created with doing-business-as/fictitious name/assumed named certificates are often done at the local city/county.
Corporations and limited liability companies are typically dissolved through dissolution documents and a fee filed with the state.
- Close your EIN- Employer Identification Number
If you secured an employer identication number, you’ll need to close your business account witht he Internal Revenue Service (IRS).
- File any remaining state/city taxes
- Close your sales tax account
- Calender to file remaining federal income tax the following year
- Optional: Alert clients of closing and sell any remaining digital files/products