How to close your business

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).

View the IRS steps here

  • 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

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