Closing your small business

Maybe the economy took its toll on your business. Perhaps you are ready to retire or move on to something different. Or maybe things just didn't work out.

Reasons to wind down a business

• Owner wants to retire or quit
• No opportunity to sell or pass the business to a new owner
• Loss of key personnel
• Product or service is no longer profitable
• Continued losses with no end in sight
• No opportunity to sell or pass the business to a new owner

The steps involved in dissolution depend upon how your business is organized and its financial condition. Luttig Law can help you protect yourself by making sure you cover all your legal bases.

Things to take care of

• Ongoing obligations such as leases
• Long-term contracts
• Paying creditors
• Taking care of employees
• Liquidating your assets
  • Inventory
  • Equipment
  • Fixtures
  • Property
• Reorganizing your finances
• Declaring bankruptcy
• Notifying the state
• Filing final tax returms
• Surrendering permits
• Reorganizing your finances and/or declaring bankruptcy
• Formal dissolutions of registered entities such as corporation or LLC