Jewelry store owners might find the day arrives when they wish to close the store’s doors for good. When this day comes, the owner must know how to close the business. This allows them to move forward with life, knowing they won’t have lingering issues associated with this closure to address.
Deciding to Close
Sole proprietors don’t need permission from anyone else to shut their doors, but partnerships require that all parties agree to take this step. The articles of the organization may provide information on how to move forward with closing, and there is information to discover here on one way to go about closing the business and making money.
Dissolution of the Organization
The owner files the required dissolution documents for the LLC or corporation, and they complete this process in each state where they registered the business. If the owner neglects this step, they must abide by tax and filing requirements.
For example, as Block Jewelers prepares for final closure with going out of business sale, the owner needs to complete the paperwork so they can move forward with life when the sale is complete. The owner won’t have many tasks hanging over their head if they complete multiple steps at the same time.
Handle Cancellations
Depending on where the business is located, the owner may have gotten a registration, license, or permit to operate their venture legally. These items need to be canceled to protect the owner’s reputation and finances. They don’t want somebody else opening up another business under the same name, as this could bring about issues if the new owner operating under the name doesn’t do everything properly. When canceling these items, don’t overlook the trade or business name.
Follow All Laws Regarding Employees
According to Realtimecampaign.com, business owners should review the Worker Adjustment and Retraining Notification Act (WARN) issued by the Department of Labor when closing a business. WARN provides information on handling employee payments once the business closes.
Finalize Financial Payments
Pay any remaining bills owed by the business. If the owner lacks the funds to do so, they should consider working with a liquidation company. Many jewelry store owners, for example, turn to Windsor Jewelers for help in liquidating remaining stock to pay outstanding bills.
The business owner must complete the final income and sales tax returns upon closing the business. In addition, they must let federal and state tax agencies know they are closing for good and cancel the Employer Identification Number. The IRS provides a helpful checklist with instructions on closing a business.
Store the Paperwork
However, every business owner should maintain records for seven years. If there are questions regarding employment or taxes, the owner needs to have these records accessible. They’ll be there if someone needs them.
When this step has been taken, it’s easier to move forward with the next phase of life. The owner will know they have resolved all matters associated with the business. Now it is time to do the things they want and live life to the fullest.
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