The 5 Steps to Closing Your Business

[INFOGRAPHIC] Business Dissolutions 101

[INFOGRAPHIC] Business Dissolutions 101

1. Agreement to Close

Step one is for all parties, including all shareholders and business members, to come to an agreement, by vote or otherwise, to close.

2. File Paperwork

File legal paperwork with the state to officially dissolve the business. Hiring a lawyer with experience in business dissolutions can ensure this is done properly.

3. Cancel Permits & Licenses

If your business has a seller’s permit, registered business name, or a business license - close these out to prevent additional fees and taxes.

4. Notify Appropriate People

Let employees, customers and creditors know about the dissolution. Publishing a statement online or in a local newspaper may help with customer awareness.

5. Pay Remaining Taxes

Pay your remaining business taxes before any other debts. Hiring a lawyer to assist in navigating the remaining financial obligations may be beneficial.

Visit www.ci-attorneys.com for more information.

Resources: https://www.sba.gov/business-guide/manage-your-business/close-or-sell-your-business

https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/may-2018/how-to-close-a-california-business-entity.html